GlobalData Plc
Proposed move to the Main Market
Launch of Share Buyback Programme
Update on Chairman
GlobalData Plc (AIM: DATA, GlobalData, the Group), a leading data, analytics, and insights platform, is providing the following update ahead of the announcement of its FY24 results on 10 March 2025.
Proposed move from AIM to Main Market
GlobalData announces its intention to apply for its ordinary shares to be admitted to the Equity Shares (commercial company) listing segment of the Official List and to trading on the main market for listed securities (the “Main Market”) of the London Stock Exchange plc (“Admission”). The Board believes that Admission will further enhance the Company’s corporate profile and recognition, as well as extending the opportunity to own the Company’s ordinary shares to a broader group of UK and global institutional shareholders. An update on the timing and process to seek Admission will be provided in due course.
Launch of Share Buyback Programme
GlobalData also announces that the Board has approved an additional return of capital of £50 million to shareholders to be implemented through a share buyback programme of GlobalData’s ordinary shares (the ‘Share Buyback Programme’). This follows the two share buyback programmes which completed on 5 September 2024 and 13 January 2025 respectively and which returned an aggregate amount of £30 million to shareholders.
GlobalData has entered into non-discretionary arrangements with Investec Bank plc (‘Investec’) to conduct the Share Buyback Programme on its behalf from 6 February 2025. Under these arrangements, Investec will make trading decisions in relation to the buyback of the Group’s ordinary shares independently of the Group within the programme terms and pre-set parameters.
The purpose of the Share Buyback Programme is to return surplus capital to shareholders and reduce the Group’s share capital pursuant to its capital allocation policy. As such, all ordinary shares repurchased by the Group under the Share Buyback Programme will be cancelled.
Shares purchased under the Share Buyback Programme will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volumes. The Share Buyback Programme will run from the date of this announcement until the earlier of (i) the date when the full £50 million has been returned to shareholders and (ii) 31 August 2025. The Share Buyback Programme will be effected under the authority granted by shareholders at the Group’s 2024 Annual General Meeting to purchase a maximum of 84,502,770 Ordinary Shares. To the extent that the Share Buyback Programme has not been completed by the date of the Group’s 2025 Annual General Meeting, expected to take place on 29 April 2025, it will continue under the authority expected to be granted at that meeting and, if such authority is not granted, the Share Buyback Programme will terminate on the date of that meeting.
The Share Buyback Programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK, from time to time, including, where relevant, pursuant to the UK’s European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019). However, due to the limited liquidity in the issued ordinary shares, in order to proceed with the Share Buyback Programme in an effective manner, the Group may exceed 25% (but remain below 50%) of the average daily trading volume, being the limit laid down in Article 5(1) of UK MAR and, accordingly, the Company may not benefit from the exemption contained in that Article.
The maximum price paid per Ordinary Share will be no more than the higher of (i) an amount equal to 105 per cent. of the average middle market quotations for an Ordinary Share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the Ordinary Share is purchased; and (ii) an amount equal to the higher of the price of the last independent trade and the highest current independent purchase bid for Ordinary Shares on the trading venue where the purchase is carried out. The minimum price that may be paid is £0.0001 per share.
The Company will make further regulatory announcements in respect of repurchases of Ordinary Shares as required by UK MAR and the AIM Rules.
Update on Chairman
On 24 February 2025, the Group’s Chairman, Murray Legg, will have been a director for nine years. The UK Corporate Governance Code (the “Code”) recommends that the chair of a board should not remain in post beyond nine years from the date of their first appointment to the board. However, the Code permits this period to be extended for a limited time, particularly in those cases where the chair was an existing non-executive director on appointment, as is the case with Mr Legg, who became Non-Executive Chairman in April 2021.
The Board believes that in order to facilitate orderly succession planning for the wider Board, it is appropriate to extend Mr Legg’s term as Chair. As the Group continues to execute on its Growth Transformation Plan, focusing on key organic growth levers as well as investing in M&A, the Board believes that Mr Legg’s many years of experience as a chartered accountant and senior business manager will be invaluable. The Board therefore proposes that Mr Legg remain as Chairman for a period of up to a further three years. In accordance with the provisions of the Code, Mr Legg and all other directors will be subject to annual re-election at GlobalData’s annual general meeting in April 2025 and in subsequent years.
Mike Danson, Chief Executive Officer of GlobalData Plc, commented: “Our listing on AIM has been an important part of our growth journey to date. In FY25, as we look to accelerate initiatives as part of our Growth Transformation Plan 2024-2026, it’s the right time to announce our intention to move to the main market listing in London. We have clear ambitions to drive GlobalData forward and believe this move will enable us to access a wider pool of capital to support our growth ambitions and attract additional investors and customers.“