REG - IMI PLC - Share repurchase programme

IMIAnnouncement

28/02/2025 08:30

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RNS Number : 8787Y  IMI PLC  28 February 2025

28 February 2025

IMI plc

Share repurchase programme

IMI plc (the Company) announces that, in connection with the share buyback of
up to £200 million announced earlier today, it is commencing a share buyback
programme (the "Programme") to purchase ordinary shares of 28 4/7 p in the
capital of the Company ("Shares") with a value of up to £200 million, during
the period starting on 28 February 2025 and ending no later than 30 September
2025 (the "Engagement Period"), in order to reduce the capital of the Company.
Shares purchased pursuant to the Programme will be cancelled.

The Company has entered into an agreement with Numis Securities Limited
("Deutsche Numis") to manage the first £100 million tranche of the Programme
(the "First Tranche"). Deutsche Numis will carry out the acquisition of Shares
in the Company (on a riskless principal basis) for subsequent repurchase by
the Company. Any further tranches of the Programme, which may be conducted
after completion of the First Tranche, will be announced in due course.

This arrangement is in accordance with Chapter 9 of the Financial Conduct
Authority's UK Listing Rule and the Company's general authority granted by
shareholders at the Company's annual general meeting held on 9 May 2024, which
limits purchases of Shares by the Company in the market to up to approximately
10% of the Company's issued share capital, being 26,146,669 Shares*. The
Programme will also be effected within the parameters of the Market Abuse
Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU
(in each case, as they form part of UK law by virtue of the European Union
(Withdrawal) Act 2018 as amended from time to time, including where relevant
pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019).

Enquiries to:

 

 Louise Waldek  IMI  Tel: +44 (0)121 717 3780

 

 

*The existing authority to buy back Shares granted at the Company's 2024
Annual General Meeting will expire at the earlier of 1 July 2025 or the
Company's 2025 Annual General Meeting, where the Company expects to seek
renewal of that authority.

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