AX Group launches buy-back of up to €2.5 million of 2026 bonds

Programme covers 3.25% unsecured bonds

AX Group plc has launched a programme to repurchase up to €2.5 million in nominal value of its outstanding 3.25% unsecured bonds due 2026, ISIN MT0002361203.

The programme is being carried out under clause 5.8.2 of the prospectus dated 22 November 2019 and will remain open until either the full €2.5 million has been repurchased or 30 November 2026, whichever occurs first.

Buy-back to be funded from existing resources

AX Group said it will generally seek to acquire bonds at the lowest price available from time to time, with participation open to all bondholders on a first-come, first-served basis.

The repurchases will be funded from free cash flow and cash reserves, which the Company said exceed its current and medium-term requirements. Bonds acquired under the programme are intended to be cancelled.

Any bonds not repurchased will be redeemed on the next scheduled early-redemption date, 20 December 2026, at nominal value together with accrued and unpaid interest. AX Group said it will also update the market when significant quantities of bonds have been bought back and cancelled.

Announcement classified as inside information

AX Group classified the announcement as inside information under Regulation (EU) No 596/2014, the Market Abuse Regulation.