REG - Johnson Service Grp. - Commencement of Share Buyback Programme

Johnson ServiceAnnouncement

20/09/2023 07:00

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RNS Number : 9865M  Johnson Service Group PLC  20 September 2023

20 September 2023

Johnson Service Group PLC

("JSG" or the "Company")

Commencement of Share Buyback Programme

On the 5 September 2023, in its Interim Results for the 6 months ended 30 June
2023, JSG announced its intention to launch a share buyback programme of up to
£10.0 million (the "Buyback Programme").

As set out in the Interim Results, JSG employs a disciplined approach to
investment, returns and capital efficiency to deliver sustainable compounding
growth whilst also maintaining a strong balance sheet.  Having taken into
consideration recent investments and the payment of declared dividends, the
group has significant headroom under its committed facilities and target
leverage of 1-1.5 times.  Accordingly, the Board considers that the Buyback
Programme is prudent, reflects the cash generative ability of the group and
maintains a strong balance sheet consistent with its capital allocation
policy.

JSG announces that, pursuant to the Buyback Programme it has entered into a
non-discretionary instruction with Investec Bank plc to purchase up to £10.0
million (excluding expenses) of the Company's Ordinary Shares of 10 pence (the
"Shares") each and to make trading decisions under the Buyback Programme
independently of the Company in accordance with certain pre-set parameters.
The Buyback Programme will commence today and end no later than the 1 March
2024. From time to time, the Board will assess the progress of this Buyback
Programme in light of the Company's capital allocation needs.

The purpose of the Buyback Programme is to reduce the share capital of the
Company. As such, the Company will cancel any Shares purchased.

Any acquisitions of Shares will be carried out within certain pre-set
parameters and in accordance with the Company's existing general authority to
repurchase Shares. The Buyback Programme will be conducted within the
parameters prescribed by the Market Abuse Regulation (596/2014) (as in force
in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019), the Commission Delegated Regulation (EU) 2016/1052 (as in force in the
UK and as amended by the FCA's Technical Standards (Market Abuse Regulation)
(EU Exit) Instrument 2019).  Any repurchase of Shares will be announced no
later than 7:30 am on the business day following the calendar day on which the
repurchase occurred.

ENQUIRIES

 Johnson Service Group PLC

 Peter Egan, CEO
 Yvonne Monaghan, CFO
 Tel: 01928 704 600

 Investec Investment Banking (NOMAD)  Camarco (Financial PR)
 David Flin                           Ginny Pulbrook
 Carlton Nelson                       Rosie Driscoll
 Cameron MacRitchie                   Letaba Rimell
 Tel: 020 7597 5970                   Tel: 020 3757 4992/4981

 

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