REG - Hunting PLC - Launch of Share Buyback Programme

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RNS Number : 9470W  Hunting PLC  28 August 2025

 For Immediate Release  28 August 2025

 

Hunting PLC

 

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

 

Launch of Share Buyback Programme of up to $40 million

 

Return of capital reflects strategic progress and confidence in future
prospects

 

Hunting PLC (LSE:HTG), the precision engineering group, today announces the
commencement of a 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 "Share Buyback Programme"), which is expected to run from
the date of this announcement until completion.

 

As noted in the Group's trading update on 9 July 2025, the Directors are
pleased with Hunting's financial performance since 2023 when its capital
allocation framework was published at its Capital Markets Day ("CMD"). Given
the strong trading reported since the CMD, the Directors have reviewed the
Company's capital allocation priorities and, following discussion with major
shareholders, have announced an increase to the dividend distribution ambition
together with a proposed share buyback, which reflects a rebalancing of its
capital allocation priorities.

 

The Share Buyback Programme has been launched in consideration of the Group's
sustainable cash generation and strong balance sheet. In addition, the launch
of the Share Buyback Programme reflects the Directors' continued confidence in
the prospects for the business following the strategic and operational
progress made since the CMD.

 

Details of the Share Buyback Programme

 

The Share Buyback Programme is expected to be phased over three tranches, with
the first tranche being for a maximum aggregate consideration of up to $15
million (the "First Tranche"). The First Tranche will commence today and is
anticipated to end during Q4 2025, whereupon the second tranche for a maximum
aggregate consideration of up to $15 million (the "Second Tranche") will
commence, and which is anticipated to complete during early 2026. The third
and final tranche for a maximum aggregate consideration of up to $10 million
(the "Third Tranche") will commence on the conclusion of the Second Tranche
and is targeted to complete during Q2 2026. All proposed timings are subject
to market conditions.

 

Hunting has entered into non-discretionary agreements (the "Agreements") with
each of: RBC Europe Limited ("RBC") instructing RBC to purchase Ordinary
Shares in respect of the First Tranche; Canaccord Genuity Limited
("Canaccord") instructing Canaccord to purchase Ordinary Shares in respect of
the Second Tranche; and Joh. Berenberg, Gossler & Co. KG, London Branch
("Berenberg") instructing Berenberg to purchase Ordinary Shares in respect of
the Third Tranche, in each case, of the Share Buyback Programme. RBC,
Canaccord and Berenberg are hereafter referred to as the "Brokers".

 

The Brokers will each act as "riskless" principal for the purposes of the
Share Buyback Programme, with any purchases of Ordinary Shares made by the
Brokers in respect of the Share Buyback Programme to be affected within
certain pre-set parameters on an irrevocable and non-discretionary basis and
subject to the terms of the Agreements. Purchases of Ordinary Shares will be
made on the Company's behalf in accordance with the Agreements with each of
the Brokers, who will make their 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 terminate the non-discretionary
nature of the relevant mandates. The Company may subsequently choose to
reinstate the non-discretionary mandates of the Share Buyback Programme
provided that the Company 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 sole purpose of the Share Buyback Programme is to reduce the share capital
of the Company. As such, all Ordinary Shares purchased under the Share Buyback
Programme will be cancelled.

 

The Brokers will carry out their respective 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 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 (the
"Authority"). The maximum number of Ordinary Shares which the Company is
authorised to purchase under the Authority is 24,724,518 Ordinary Shares. The
Share Buyback Programme will comply with UK Listing Rule 9.6 of the UK
Financial Conduct Authority. The Share Buyback Programme 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 as implemented, retained,
amended, extended, re-enacted or otherwise given effect. There is no guarantee
that the Share Buyback Programme will be implemented in full.

 

Hunting intends to announce any purchase of Ordinary Shares under the Share
Buyback Programme on the business day following the calendar day on which the
relevant purchase occurred.

 

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.

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