REG - Castings PLC - Share Buyback Programme

CastingsAnnouncement

15/03/2022 07:00

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RNS Number : 7459E  Castings PLC  15 March 2022

Castings PLC

Commencement of Share Buyback Programme

 

Castings Plc ("Castings" or the "Company") announces that the Board has
approved a share buyback programme of up to 100,000 ordinary shares of 10
pence each in the capital of the Company ("Ordinary Shares") (the "Buyback
Programme").

 

The Company has instructed its broker Canaccord Genuity Limited ("Canaccord")
to conduct the Buyback Programme on its behalf on a broker-managed basis, with
trading decisions taken independently of the Company.  The Buyback Programme
commences today, 15 March 2022, and ends no later than 13 May 2022, or
earlier, if the maximum number of Ordinary Shares has been reached.

 

The Buyback Programme is in accordance with the terms of the Company's
authority to make market purchases of its own Ordinary Shares granted to it by
shareholders on 19 August 2021 (the "Authority"), including that the maximum
price paid per Ordinary Share is to be no more than 105 per cent. of the
average middle market closing price of an Ordinary Share for the five business
days preceding the date of any Buy-back.

 

The Company intends to hold all Ordinary Shares so purchased in treasury for
the purpose of satisfying future obligations in relation to the Company's long
term incentive plan ("LTIP").

 

The Share Buyback Programme will be conducted within the parameters of the
Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation
2016/1052/EU (each as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018, including where relevant pursuant to the Market Abuse
(Amendment)(EU Exit) Regulations 2019) and Chapter 12 of the Listing Rules.
The Company confirms that it currently has no other unpublished price
sensitive information.

 

The Company will make further announcements in due course following the
completion of any share repurchases.

 

As of the 15 March 2022, the Company's total issued share capital consisted of
43,632,068 Ordinary Shares, with one voting right per share. The Company held
no Ordinary Shares as treasury shares, therefore the total number of voting
rights in the Company was 43,632,068.

 

S J Mant

Director and Company Secretary

Castings PLC, Lichfield Road, Brownhills, West Midlands, WS8 6JZ

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