Next 15 Group plc (NFG) has formally launched a share buyback programme of up to £5 million, engaging Deutsche Bank AG, London Branch ("Deutsche Numis") to execute purchases on a non-discretionary basis. The programme follows the company's 5 November 2026 announcement detailing the disposal of Marker Collective, which flagged the buyback intention. The programme commenced on 11 November 2026 and is set to run until no later than 31 January 2027, with the stated purpose of reducing the company's share capital. Investors will be watching closely as the board periodically reviews progress against the company's broader capital allocation priorities.

Key Points

  • Next 15 Group plc (NFG), an AIM-listed marketing and technology services group
  • The company has entered a non-discretionary agreement with Deutsche Numis to repurchase up to £5 million of ordinary shares of 2.5 pence each
  • The maximum number of shares that may be repurchased is 10,102,894, as authorised at the AGM held on 8 July 2026; the programme ends by 31 January 2027 at the latest
  • Investors should monitor regulatory disclosures on individual share purchases and any board updates on suspension or termination of the programme

Next 15 Appoints Deutsche Numis to Execute Non-Discretionary Buyback After Marker Collective Disposal

Next 15 Group plc, a marketing and technology services company operating across multiple international markets, has appointed Deutsche Bank AG, London Branch — operating as Deutsche Numis — to manage the Share Buyback Programme independently and in accordance with pre-set parameters. The move follows the disposal of Marker Collective, announced on 5 November 2026, which generated the impetus for returning capital to shareholders. Under the non-discretionary structure, Deutsche Numis will make all trading decisions without direct input from the company, providing a regulatory buffer consistent with market abuse rules under UK MAR.

AGM-Granted Authority Caps Repurchases at 10,102,894 Ordinary Shares Through January 2027

The Share Buyback Programme is bounded by the shareholder authority granted at Next 15's annual general meeting on 8 July 2026, which permits a maximum of 10,102,894 ordinary shares to be repurchased. The programme will terminate on whichever date comes first: full deployment of the £5 million budget, acquisition of the maximum permitted share count, or 31 January 2027. Any shares repurchased will be held as treasury shares under the provisions of the Companies Act 2006, rather than being cancelled immediately, the announcement states.

Board Retains Right to Suspend Programme Outside Closed Periods as Capital Needs Evolve

Next 15's board has reserved the right to suspend or terminate the Share Buyback Programme at any time, except during closed periods, subject to the terms of its agreement with Deutsche Numis. The announcement confirms that during any closed period, neither the company nor its directors will have any power to alter the programme, which will proceed entirely at Deutsche Numis's discretion. The board also indicated it will assess progress periodically in light of the company's capital allocation requirements, suggesting the buyback may be reviewed before the January 2027 deadline if circumstances change.

Regulatory Framework Governing Next 15's Buyback Under UK MAR and AIM Rules

All share purchases under the programme must comply with Next 15's existing general repurchase authority, the AIM Rules for Companies, Article 5 of the Market Abuse Regulation as retained in UK domestic law via the European Union (Withdrawal) Act 2018, and the associated Commission Delegated Regulation on buyback safe harbours. This layered regulatory framework is standard for AIM-listed companies conducting structured buybacks, and the non-discretionary arrangement with Deutsche Numis is designed to ensure the programme operates within those boundaries without requiring ongoing company intervention in individual trading decisions.