REG - Howden Joinery Grp - Share buy-back programme

Howden JoineryAnnouncement

10/05/2023 07:00

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RNS Number : 8556Y  Howden Joinery Group PLC  10 May 2023

10 May 2023

 

HOWDEN JOINERY GROUP PLC

("Howdens" or the"Company")

 

Share buy-back programme

 

 

Further to the announcement of Howdens' intention to repurchase ordinary
shares in the Company up to a maximum consideration of £50 million during
financial year 2023 (the "Programme") in its 2022 Full Year Results, the
Company announces that it has instructed its joint-broker Barclays Bank PLC,
acting through its investment bank ("Barclays"), to execute the second part of
the Programme by way of a non-discretionary arrangement to repurchase shares
in the Company up to a maximum consideration of £25 million commencing on or
after 10 May 2023 and ending no later than 30 December 2023. These share
purchases will be made by Barclays acting as principal for resale to the
Company in accordance with the arrangement and, in the case of any purchases
made during closed periods, shall be made independently of and uninfluenced by
the Company.

 

The Company's shareholders authorised the Company to repurchase up to a
maximum of 55,455,816 of its ordinary shares at the Annual General Meeting
held on 4 May 2023 (the "2023 AGM"). 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 purpose of the Programme is to
reduce the share capital of the Company. To the extent required, the Company
may in the future use the repurchased shares to meet obligations arising from
employee share plans. It is intended that shares repurchased under the
Programme will be cancelled to reduce the share capital of the Company or
transferred into treasury.

 

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 2023 AGM), the Market
Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European
Union (Withdrawal) Act 2018), the Commission Delegated Regulation (EU)
2016/1052 (as it forms part of UK law pursuant to the European Union
(Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's
Listing Rules.

 

 

Enquiries:

 

Howdens

 

Mark Fearon, Director of IR and
Communications:                      +44 (0)7711 875070

Forbes McNaughton, Company
Secretary:
+44 (0)207 535 1110

 

Brunswick (Media Enquiries)

 

Nina Coad or David
Litterick:
+44 (0)207 404 5959

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