REG - Essentra plc - Special Dividend and Share Buyback Programme

EssentraAnnouncement

02/02/2023 07:00

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RNS Number : 6502O  Essentra plc  02 February 2023

ESSENTRA PLC

 

SPECIAL DIVIDEND AND SHARE BUYBACK PROGRAMME

 

Essentra plc ("Essentra" or the "Company"), a leading global provider of
essential components and solutions, confirms its intention to return to
shareholders, approximately £150m of the residual net transaction proceeds
from the disposals of its Filters and Packaging divisions, which completed in
Q4 of 2022.

 

Following a recent consultation with a number of the Company's major
shareholders, the Board has concluded that the return will be structured
through a combination of a special dividend and a share buyback programme.

 

Essentra will pay a special dividend of £90m, representing approximately 29.8
pence per ordinary share (the "Special Dividend"). The Company intends to pay
the Special Dividend on 27 April 2023 to shareholders on the register of the
Company as at 18:00 (UK time) on 21 March 2023. The ordinary shares will be
marked ex-dividend on 20 March 2023(1). The Board also confirms its intention
to recommend a final ordinary dividend for the financial year ended 31
December 2022, adjusted to the earnings of the continuing operations of the
Group(2). Details will be provided at the time of announcing the full year
results on 22 March 2023.

 

In addition to the £90m Special Dividend, the Board intends to initiate a
share buyback programme of approximately £60m (the "Share Buyback"), which is
expected to commence following the release of the full year results on 22
March 2023.

 

Further detail will be announced immediately prior to commencement of the
Share Buyback.

 

 

 

Notes:

(1) Essentra operates a Dividend Re-Investment Programme ("DRIP"), details of
which are available from the Company's Registrars, Computershare Investor
Services PLC. The final date for DRIP elections in respect of the Special
Dividend will be 4 April 2023.

(2) Continuing operations excludes the Filters and Packaging divisions, which
will be reported as discontinued operations in accordance with IFRS 5 in the
full year 2022 results.

 

 

Enquiries

 Essentra plc                                       Tulchan Communications LLP

 Jack Clarke, Chief Financial Officer               Olivia Peters

 Claire Goodman, Group Investor Relations Manager   Lisa Jarrett-Kerr

 Emma Reid, Company Secretary                       Tel: +44 (0)20 7353 4200

 Tel: +44 (0)1908 359100

 

 

Notes to Editors

About Essentra plc

Essentra plc is a FTSE 250 company and a leading global provider of essential
components and solutions, focusing on the manufacture and distribution of
plastic injection moulded, vinyl dip moulded and metal items.

Headquartered in the United Kingdom, Essentra's global network extends to 25
countries worldwide and includes over 3,000 employees, 13 manufacturing
facilities, 24 distribution centres and 33 sales & service centres serving
c.80,000 customers with a rapid supply of low cost but essential products for
a variety of applications in industries such as equipment manufacturing,
automotive, fabrication, electronics, medical and renewable energy.

For further information, please visit www.essentraplc.com
(http://www.essentraplc.com)

 

Cautionary forward-looking statement

This announcement contains forward-looking statements based on current
expectations and assumptions. Various known and unknown risks, uncertainties
and other factors may cause actual results to differ from any future results
or developments expressed or implied by the forward-looking statement. Each
forward-looking statement speaks only as of the date of this announcement. The
Company accepts no obligation to revise or publicly update these
forward-looking statements or adjust them to future events or developments,
whether as a result of new information, future events or otherwise, except to
the extent legally required.

 

 

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