LONDON, March 18, 2022–(BUSINESS WIRE)–Membership Collective Group Inc. (NYSE: MCG) (“MCG”, “Company”, “we” or “our”), a global membership platform of physical and digital spaces that connects a dynamic group , diverse and global membership, today announced that its Board of Directors and a relevant subcommittee thereof have authorized a share repurchase program to repurchase up to US$50 million from Class A common shares of the company.
Under the share repurchase program, the Company is authorized to repurchase outstanding Class A common stock from time to time in the open market or in over-the-counter transactions in the United States.
The timing and amount of share repurchases will depend on a variety of factors, including market conditions as well as corporate and regulatory considerations. The share repurchase program may be suspended, modified or terminated at any time and the Company has no obligation to repurchase any amount of its common stock under the program. The Company intends to make all redemptions in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934 (the “Exchange Act”), as amended. MCG may choose to make some of these redemptions under a trading plan adopted pursuant to Rule 10b5-1 of the Exchange Act.
Ron Burkle, Executive Chairman of the Board of Directors, said, “This milestone reflects our belief in the favorable long-term opportunities before us, given the scale and pace of the company’s international growth. .
With an accelerated pipeline of nine new Soho House openings this year and eight to ten a year thereafter, along with increased demand for memberships, expansion into new markets and positive post-Covid momentum, we remain increasingly confident in MCG’s future performance.”
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this release that do not relate to historical facts should be deemed to be forward-looking statements, including, without limit, statements regarding our expected financial performance and operating performance for future periods, and statements that include the words “expect”, “intend”, “plan”, “believe”, “project “, “expects”, “estimates”, “may”, “should”, “anticipates” and similar statements of a future or forward-looking nature. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors which may cause actual results, performance or achievements to be are materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. , including the material factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended January 2, 2022 and, as such, such factors may be updated from time to time. in our other filings with the SEC, which are available on the SEC’s website at www.sec.gov. In addition, we operate in a rapidly changing environment. New risks appear from time to time. It is not possible for our management to predict all risks, nor to assess the impact of all factors on its business or the extent to which any one factor, or combination of factors, may cause the results actual differ significantly from those contained in the forecasts. – forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this release are inherently uncertain and may not occur, and actual results could differ materially and adversely from those anticipated or implied in the statements. prospective. Accordingly, you should not rely on forward-looking statements as predictions of future events. Additionally, any forward-looking statements made in this release relate only to events or information as of the date the statements are made in this release. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unforeseen events. events.
About the Collective Membership Group:
The Membership Collective Group (MCG) is a global membership platform of physical and digital spaces that connects a dynamic, diverse and global group of members. These members use the MCG platform to work, socialize, connect, create and thrive anywhere in the world. We started with the opening of the first Soho House in 1995 and remain the only company to have developed a private membership network with a global presence. Members around the world engage with MCG through our global collection of 33 Soho Houses, 9 Soho Works, The Ned in London, Scorpios Beach Club in Mykonos, Soho Home – our interiors and lifestyle brand – and our digital channels. LINE and Saguaro hotels in North America are also part of MCG’s broader portfolio.
For more information, please visit www.membershipcollectivegroup.com.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20220318005423/en/