REG-Fuller, Smith & Turner PLC Fuller, Smith & Turner PLC: Share Buyback Programme

Fuller Smith & TurnerAnnouncement

23/08/2024 10:15

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   Fuller, Smith & Turner PLC (FSTA)
   Fuller, Smith & Turner PLC: Share Buyback Programme

   23-Aug-2024 / 10:04 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

   As reported yesterday, the Company’s Share Buyback Programme announced on
   22 March 2024 has completed in accordance with its terms. In aggregate the
   Company has repurchased 1 million ‘A’ Ordinary Shares of 40p each to be
   held in treasury for a total consideration of £6.7 million.

   Further to the announcement of the Financial Results for the 52 weeks to
   30 March 2024 made on 13 June 2024, in which the Company stated its
   intention to buy up to a further 2.5 million ‘A’ shares, the Company has
   now entered into an arrangement with Numis Securities Limited (“Deutsche
   Numis”) to repurchase up to 2.5 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 23 July 2024.

   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

   23 August 2024

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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
   OAM Categories: 2.4. Acquisition or disposal of the issuer's own shares
   Sequence No.:   342594
   EQS News ID:    1974155


    
   End of Announcement EQS News Service

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