REG - IMI PLC - Share repurchase programme

IMIAnnouncement

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RNS Number : 7477V  IMI PLC  09 March 2026

 

9 March 2026

IMI plc

Share repurchase programme

IMI plc (the "Company") announces that, in connection with the share buyback
of up to £500 million announced on 6 March 2026, it is commencing a share
buyback programme (the "Programme") to purchase ordinary shares of 28 4/7 p in
the capital of the Company (the "Shares") with a value of up to £500 million,
in order to reduce the capital of the Company. Shares purchased pursuant to
the Programme will be cancelled. It is anticipated that the Programme will end
no later than 31 December 2026 (the "Engagement Period").

The Company has entered into an agreement with J.P. Morgan Securities plc
("JPMS plc") to manage the first £250 million tranche of the Programme (the
"First Tranche"). JPMS plc 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 8 May 2025,
limits purchases of Shares by the Company in the market to up to approximately
10% of the Company's issued share capital as at 14 March 2025 (excluding
shares held in treasury), being 25,641,826 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   , Company Secretary, IMI plc          Tel: +44 (0)121 717 3780
 Edward Hann      Head of Investor Relations, IMI plc  Tel: +44 (0)7977 354810

 

*The existing authority to buy back Shares granted at the Company's 2025
Annual General Meeting will expire at the earlier of 1 July 2026 or the
Company's 2026 Annual General Meeting, where the Company expects to seek
renewal of that authority.

 

 

END

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