REG - Hunting PLC - Commencement of Second Share Buyback

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RNS Number : 8557W  Hunting PLC  17 March 2026

 For Immediate Release  17 March 2026

 

Hunting PLC

 

("Hunting" or "the Company" or "the Group")

 

Commencement of Second Share Buyback Programme of up to $40 million

 

Hunting PLC (LSE: HTG), the precision engineering group, today announces the
commencement of a second share buyback programme in respect of its ordinary
shares of 25 pence each ("Ordinary Shares") for a maximum aggregate
consideration of up to $40 million (the "Second Share Buyback Programme"). As
indicated in the Company's announcement on 5 March 2026, this second programme
follows the conclusion of the previous buyback.

 

The previous buyback programme, which commenced in August 2025 and was
expanded in December 2025, has now completed with a total of $60 million worth
of Ordinary Shares repurchased and cancelled.

 

The Second Share Buyback Programme has been launched today in consideration of
the Group's continued cash generation and strong balance sheet. In addition,
the launch of the Second Share Buyback Programme reflects the Directors'
continued confidence in the prospects for the business.

 

Details of the Second Share Buyback Programme

 

The Second Share Buyback Programme is targeted to be completed by March 2028.
Share purchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price, trading volume
and other factors.

 

Hunting has entered into a non‑discretionary agreement (the "Agreement")
with Canaccord Genuity Limited ("Canaccord") (the "Broker"), appointing
Canaccord to purchase Ordinary Shares on behalf of the Company in respect of
the Second Share Buyback Programme.

 

The Broker will act as riskless principal for the purposes of the Second Share
Buyback Programme, with any purchases of Ordinary Shares to be implemented
within certain pre‑set parameters on an irrevocable and non‑discretionary
basis and subject to the terms of the Agreement. Purchases of Ordinary Shares
will be made on the Company's behalf in accordance with the Agreement, with
the Broker making its trading decisions concerning the purchases of Ordinary
Shares independently of the Company.

 

Provided the Company is not in a closed period to which it is subject nor in
possession of inside information (an "Open Period"), the Company may elect to
suspend or terminate the Second Buyback Programme. If suspended or terminated,
the Company may subsequently choose to reinstate the Second Share Buyback
Programme provided that it is in an Open Period at that time. Purchases of
Ordinary Shares will continue independently of, and uninfluenced by, the
Company during any closed period to which the Company is subject and/or if the
Company comes into possession of inside information.

 

The purpose of the Second Share Buyback Programme is to reduce the share
capital of the Company. All Ordinary Shares purchased under the Second Share
Buyback Programme will be cancelled.

 

The Broker will carry out its instructions by purchasing Ordinary Shares in
the Company on the London Stock Exchange and/or other trading venues. Any
purchases of Ordinary Shares by the Company will be made in accordance with
(and subject to the existence of and/or the limits prescribed by) the general
authority to purchase Ordinary Shares granted by its shareholders at the
Company's Annual General Meeting on 16 April 2025, and any subsequent renewal
of that authority granted at future Annual General Meetings. The maximum
number of Ordinary Shares which the Company is authorised to purchase under
the current authority is 24,724,518 Ordinary Shares. Of this authority,
11,475,645 Ordinary Shares have already been purchased under the previous
buyback programme. The Directors intend to seek shareholder approval at the
Company's 2026 Annual General Meeting to renew the Company's share buyback
authorisation for an additional year.

 

The Second Share Buyback Programme will comply with UK Listing Rule 9.6 of the
UK Financial Conduct Authority. It will also be conducted in accordance with
the parameters of the safe harbour provisions set out in: (i) Article 5(1) of
Regulation (EU) 596/2014 (including the delegated and implementing acts
adopted under it); and (ii) the provisions of Commission Delegated Regulation
(EU) 2016/1052 with regard to regulatory technical standards for the
conditions applicable to buyback programmes and stabilisation measures, in
each case as they form part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. There is no guarantee that the Second Share Buyback
Programme will be implemented in full.

 

Hunting intends to announce any purchase of Ordinary Shares under the Second
Share Buyback Programme on a weekly basis, and in any event by no later than
the end of the seventh daily market session following the date of execution.

 

For further information please contact:

 

 Hunting PLC                        Tel: +44 (0) 20 7321 0123

 Jim Johnson, Chief Executive

 Bruce Ferguson, Finance Director

 Sodali & Co                        Tel: +44 (0) 79 3535 1934

 James White

 Pete Lambie

 Tilly Abraham

 

or

 

lon.IR@hunting-intl.com

 

About Hunting PLC

 

Hunting is a global, precision engineering group that provides
precision-manufactured equipment and premium services, which add value for our
customers. Established in 1874, it is a listed public company, quoted on the
London Stock Exchange in the Equity Shares in Commercial Companies ("ESCC")
category. The Company maintains a corporate office in Houston and is
headquartered in London. As well as the United Kingdom, the Company has
operations in China, India, Indonesia, Mexico, Netherlands, Norway, Saudi
Arabia, Singapore, United Arab Emirates and the United States of America.

 

The Group reports in US dollars across five operating segments: Hunting Titan;
North America; Subsea Technologies; Europe, Middle East and Africa ("EMEA");
and Asia Pacific.

 

The Group also reports revenue and EBITDA financial metrics based on five
product groups: OCTG; Perforating Systems; Subsea; Advanced Manufacturing; and
Other Manufacturing.

 

Hunting's Legal Entity Identifier is 2138008S5FL78ITZRN66.

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