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Fuller, Smith & Turner PLC (FSTA)
Fuller, Smith & Turner PLC: Share Buyback Programme
16-Nov-2023 / 08:49 GMT/BST
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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE
AN OFFER FOR SALE OF ANY SECURITIES OR AN OFFER OR INVITATION TO PURCHASE
ANY SECURITIES IN ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR
APPROVAL.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN
WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
Fuller, Smith & Turner P.L.C. (“the Company”)
Share Buyback Programme
Further to the announcement of the Financial Results for the 26 weeks to
30 September 2023 made on 15 November 2023, the Company has entered into
an arrangement with Numis Securities Limited (“Deutsche Numis”) to
repurchase up to 1 million ‘A’ ordinary shares of 40 pence each in the
Company (“Ordinary Shares”) (the “Programme”). This is consistent with the
Company’s capital allocation framework and reflects the Board’s view that
the current share price continues to represent a significant discount to
the Company’s underlying net asset value. The Programme is expected to
enhance earnings per share.
The share purchases will be made on the Company's behalf and in accordance
with the arrangement and, in the case of any purchases made during closed
periods and/or at any time when the Company has inside information, shall
be made independently of and uninfluenced by the Company.
Any purchase of Ordinary Shares effected pursuant to this Programme will
be carried out on the London Stock Exchange and executed in accordance
with, and subject to limits prescribed by, the Listing Rules and in
accordance with the authorisation granted to the Board by shareholders at
the Annual General Meeting of the Company held on 20 July 2023.
Due to the limited liquidity in the issued Ordinary Shares, any buyback of
Ordinary Shares pursuant to the authority on any trading day may represent
a significant proportion of the daily trading volume in the Ordinary
Shares on the London Stock Exchange and may exceed 25 per cent. of the
average daily trading volume, being the limit laid down in Article 5(1) of
Regulation (EU) No 596/2014 (as incorporated into UK domestic law by the
European Union (Withdrawal) Act 2018) and the Commission Delegated
Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the
European Union (Withdrawal) Act 2018) dealing with buyback programmes and,
accordingly, the Company will not benefit from the exemption contained in
that Article.
Any market purchase of ‘A’ Ordinary Shares under the Programme will be
announced no later than 7:30 a.m. on the business day following the day on
which the purchase occurred.
Enquiries:
Rachel Spencer
Company Secretary
020 8996 2073
16 November 2023
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Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
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ISIN: GB00B1YPC344
Category Code: POS
TIDM: FSTA
LEI Code: 213800C7ACOFMRCQQW76
Sequence No.: 285430
EQS News ID: 1775223
End of Announcement EQS News Service
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