REG - Avon Protection PLC - Launch of Share Buyback Programme

Avon TechnologiesAnnouncement

28/01/2022 07:00

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RNS Number : 9130Z  Avon Protection PLC  28 January 2022

28 January 2022

Avon Protection plc

LAUNCH OF SHARE BUYBACK PROGRAMME

Avon Protection plc ("Avon Protection" or the "Group") is pleased to announce
that it intends to commence a share buyback programme in respect of its
ordinary shares of £1 each ("Ordinary Shares") up to a maximum consideration
of £18.5 million (U.S. $25 million), from the date of this announcement (the
"Share Buyback Programme").

The purpose of the Share Buyback Programme is to reduce the share capital of
the Group in order to return value to shareholders.

Avon Protection plans to execute the buy-back in two tranches. In respect of
the first tranche, Avon Protection announces that it has entered into an
irrevocable non-discretionary instruction with Jefferies International Limited
("Jefferies")  in relation to the purchase by Jefferies, acting as principal
during the period commencing on  28  January 2022 and ending no later than 30
May 2022, of Ordinary Shares for an aggregate consideration (excluding
expenses) of no greater than £9.25 million and the simultaneous on-sale of
such Ordinary Shares by Jefferies to Avon Protection, where they will be held
in treasury. Jefferies will make its trading decisions concerning the timing
of the purchases of Ordinary Shares independently of, and uninfluenced by, the
Group. It is anticipated that the second tranche, subject to a separate
instruction, will commence promptly on completion of the first.

The Share Buyback Programme will be conducted within certain pre-set
parameters, and in accordance with the general authority to repurchase shares
expected to be granted by the Group's shareholders at the 2022 Annual General
Meeting later today, Chapter 12 of the UK Listing Rules and the provisions of
the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019 ("UK MAR") and the Commission Delegated
Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse
Regulation) (EU Exit) Instrument 2019 which both form part of the law of the
United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

Avon Protection 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.

For further enquiries, please contact:

Avon Protection plc

Nick Keveth, Chief Financial Officer
                                                 +44
1225 896 848

Miles Ingrey-Counter, Company Secretary

Rachael Stevens, Director of Investor Relations
 

MHP Communications

Andrew Jaques
 
+ 44 203 128 8570

Charlie Barker
 
avonprotection@mhpc.com

Peter Lambie

Legal Entity Identifier: 213800JM1AN62REBWA71

The information contained within this announcement is deemed by the Group to
constitute inside information as stipulated under the Market Abuse Regulation
("MAR") EU no.596/2014. Upon the publication of this announcement via
Regulatory Information Service ("RIS"), this inside information is now
considered to be in the public domain.

Note to editors:

Avon Protection designs and produces life critical personal protection
solutions for the world's militaries and first responders. With a portfolio
that includes respiratory and ballistic protection products, Avon Protection's
mission is to relentlessly advance the future of protection enhancing the
performance, efficiency and capability of their customers whilst providing
ever increasing levels of protection.

Avon Protection operates from 7 sites employing 1,000+ people and is listed on
the London Stock Exchange (LSE: AVON).

For further information, please visit our website www.avon-protection-plc.com
(http://www.avon-protection-plc.com/) .

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