REG - Howden Joinery Grp - £100 million share buy-back programme

Howden JoineryAnnouncement

13/03/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250313:nRSM4422Aa&default-theme=true

RNS Number : 4422A  Howden Joinery Group PLC  13 March 2025

13 March 2025

 

HOWDEN JOINERY GROUP PLC

("Howdens" or the "Company")

 

£100 million share buy-back programme

 

Further to the announcement of Howdens' intention to repurchase up to £100
million of its shares over the next 12 months (the "Programme") in its  2024
Full Year Results, the Company announces that it has instructed its
joint-broker, Numis Securities Limited (trading as Deutsche Numis ("Deutsche
Numis")), to execute the first part of the Programme to repurchase up to £50
million of its shares commencing on or after 13 March 2025 and ending no later
than 25 February 2026. Under this arrangement, Deutsche Numis, an independent
third party, will act as principal and will make decisions under the Programme
independently from the Company during any closed periods.

 

The Company's shareholders authorised the Company to repurchase up to a
maximum of 54,867,335 of its ordinary shares at the Annual General Meeting
held on 2 May 2024. The Company intends to purchase shares under this
authority until the conclusion of its 2025 Annual General Meeting to be held
on 1 May 2025 (the "2025 AGM"). The Company anticipates that it will request a
similar general authority from shareholders at the 2025 AGM in line with which
any purchases of shares in relation to the Programme will continue. The
aggregate number of shares acquired by the Company pursuant to the Programme
shall not exceed the maximum number of shares which the Company is authorised
to purchase pursuant to such general authorities as at the time of purchase.
The sole purpose of the Programme is to reduce the Company's share capital.
Shares repurchased under the Programme will be cancelled or transferred into
treasury. Any shares held in treasury have no voting or dividend rights and
are used to meet future obligations arising from Company employee share option
programmes.

 

The Programme is in line with the Company's stated capital allocation policy,
which prioritises our strategy of continuing to invest in depots,
manufacturing and logistics capabilities and related strategic investments,
while delivering a progressive dividend. Any repurchases of shares under the
Programme will be carried out on the London Stock Exchange and in accordance
with (and subject to the limits prescribed by) the Company's general authority
to repurchase shares granted by its shareholders (at the applicable time), the
Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the
European Union (Withdrawal) Act 2018) and Chapter 9 of the Financial Conduct
Authority's UK Listing Rules.

 

 

Enquiries

 

 Howdens:

 Mark Fearon, Director of IR and Communications:            +44(0)771 187 5070
 Forbes McNaughton, Company Secretary:                      +44(0)207 535 1162

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDLLFFEXLFBBF