Highlights

  • Naked Wines launched a GBP 1 million share buyback programme commencing 4 February 2026.
  • Repurchased shares will be held in treasury and will not carry voting rights.
  • The buyback programme will run until 31 March 2026 or until the maximum amount is reached.

Naked Wines PLC (LSE:WINE) announced on 4 February 2026 the launch of a share buyback programme aimed at purchasing its ordinary shares with a nominal value of GBX 7.5 each. The programme authorises the repurchase of shares up to a maximum aggregate consideration of GBP 1 million and will commence immediately.

The company stated that the buyback has been initiated to enhance shareholder returns and will be conducted through open market purchases. All ordinary shares repurchased under the programme will be held in treasury and will not carry voting rights or participate in dividend distributions.

Programme Structure and Execution

To implement the programme, Naked Wines has entered a non-discretionary arrangement with Panmure Liberum Limited. Under this arrangement, Panmure Liberum will independently execute trading decisions within predefined parameters, without direct influence from the company during the programme period.

The maximum price payable per ordinary share, excluding expenses, is capped in line with authority granted at the company’s 2025 Annual General Meeting. This cap is defined as the higher of 105% of the average middle market quotations for the five business days prior to purchase, or the higher of the last independent trade price and the highest current independent bid price on the relevant trading venue.

Treasury Shares and Market Impact

All shares repurchased through the programme will be retained in treasury. The company highlighted that shares held in treasury do not carry voting rights and are excluded from dividend entitlements.

Naked Wines also noted that daily repurchases under the programme may exceed 25% of the average daily traded volume of its ordinary shares on the London Stock Exchange. As a result, the programme will not qualify for the exemption provided under Article 5(1) of the Market Abuse Regulation, although other applicable safe harbour provisions will be followed where possible.

 

Duration and Disclosure Commitments

The share buyback programme will continue until the earlier of reaching the GBP 1 million maximum amount or 31 March 2026. Any market purchase executed under the programme will be announced by no later than 7:30am UK time on the following business day.

The company confirmed that, as of the announcement date, it does not hold any unpublished price-sensitive information.

Capital Distribution Framework

Alongside the buyback announcement, Naked Wines reiterated its broader capital distribution approach. The company’s stated objective is to return up to 50% of adjusted EBITDA, excluding inventory liquidation costs, or increases in net cash, subject to board assessment. The current buyback programme is described as an additional ad hoc distribution and is separate from this ongoing policy.