REG - TI Fluid Systems PLC - Transaction in Own Shares

TI Fluid SystemsAnnouncement

15/05/2024 07:00

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RNS Number : 4307O  TI Fluid Systems PLC  15 May 2024

15 May 2024

 

 

TI Fluid Systems plc

("TI Fluid Systems" or the "Company")

 

Update on Share Buy-back Programme

 

TI Fluid Systems plc ("TI Fluid Systems plc" or the "Company") confirms the
completion of a €18.8 million second tranche (the "Second Tranche") of the
€40 million Share Buy-back programme, announced on 4 October 2023 (the
"Buy-back Programme").

 

Since the commencement of the Buy-back Programme, the Company has purchased
14,241,487 Ordinary Shares on Exchange at a volume weighted average price of
143.53 GBp per Ordinary Share for a total of approximately €23.8 million.
The Ordinary Shares purchased have been, or will shortly be, cancelled.

TI Fluid Systems today also announces the commencement of a third and final
tranche of the Buy-back Programme (the "Third Tranche") of
approximately €16.2 million. The Ordinary Shares purchased under the Third
Tranche will be cancelled.

The Third Tranche will be carried out under the Agreement and will take place
during the period starting on 15 May 2024 and ending no later than 13 May
2025.  The Third Tranche is subject to an irrevocable non-discretionary
instruction issued by the Company to Peel Hunt and Peel Hunt will make trading
decisions in relation to the Third Tranche of the Buy-back Programme
independently of, and without further instruction from, the Company.

Any purchases of Ordinary Shares under the Buy-back Programme will be carried
out on the London Stock Exchange in accordance with certain pre-set parameters
set out in the Agreement and in accordance with (and subject to the limits
prescribed by) the Company's general authority to repurchase Ordinary Shares
granted by its shareholders at the 2024 AGM, Chapter 12 of the Financial
Conduct Authority's Listing Rules, Article 5(1) of the Market Abuse Regulation
(EU) No 596/2014 (as it forms part of domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended), the Commission Delegated Regulation
(EU) No 2016/1052 (as it forms part of domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended), and other applicable laws.

 

The maximum number of Ordinary Shares that may be repurchased under the
Buy-back Programme is 34,747,931 Ordinary Shares, representing approximately
6.8% of the Company's issued ordinary share capital in issue as at 28 March
2024 (being the last practicable date prior to the publication of the notice
of the 2024 AGM).

 

Capitalised terms used but not defined in this announcement have the meanings
given to them in the announcement by the Company relating to the commencement
of the Buy-back Programme published on 4 October 2023.

The Company will announce any market repurchase of Ordinary Shares no later
than 7.30 a.m. on the business day following the calendar day on which the
repurchase occurred.

Enquiries:

TI Fluid Systems plc

Kellie McAvoy

Investor Relations

Tel: +44 7354 846374

 

Headland Consultancy

Matt Denham/Chloe Francklin

Tel: +44 (0)20 3805 4822

 

About TI Fluid Systems

TI Fluid Systems is a global innovator of thermal and fluid system solutions
for the full range of current and developing vehicle architectures. Serving
all major automotive manufacturers, with more than 100 years of automotive
supply experience; TI Fluid Systems operates across 27 countries with a
commitment to improving efficiency, performance and sustainability worldwide.
To find out more about TI Fluid Systems, visit www.tifluidsystems.com
(http://www.tifluidsystems.com/) .

 

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