REG - Likewise Group PLC - Launch of Share Buyback Programme

LikewiseAnnouncement

16/07/2024 07:00

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RNS Number : 4776W  Likewise Group PLC  16 July 2024

16 July 2024

 

 

Likewise Group plc

 

("Likewise", the "Company", or the "Group")

 

Share Buyback Programme

 

Likewise Group plc (AIM:LIKE), the fast growing UK floor coverings
distributor, announces that it intends to conduct a share buyback programme of
ordinary shares of £0.01 each in the capital of the Company ("Ordinary
Shares") up to a maximum aggregate consideration of £250,000 ("Maximum
Amount") (the "Buyback Programme").

 

Under the Buyback Programme, the Company will, at appropriate times, seek to
buy back its Ordinary Shares using the Company's existing cash resources for
up to the Maximum Amount. The Buyback Programme is considered to be in the
best interests of all shareholders.

 

The Company has entered into an agreement for its broker Zeus Capital Limited
("Zeus") to carry out purchases of its Ordinary Shares under the Buyback
Programme on its behalf. As and when requested to do so by the Company, Zeus
will seek to purchase Ordinary Shares with total purchases over the programme
up to the Maximum Amount.

 

The Buyback Programme is in accordance with the terms of the Company's
authority to make market purchases of its own Ordinary Shares granted to it by
shareholders on 20 June 2024 (the "Authority"), including that the maximum
price paid per Ordinary Share shall not exceed the higher of: (a) 105 per
cent. of the average trading price of the Ordinary Shares as derived from the
middle market quotations for an Ordinary Share on the London Stock Exchange
Daily Official List for the five trading days immediately preceding the date
on which an Ordinary Share is contracted to be purchased; and (b) the higher
of the price of the last independent trade and the highest current independent
bid on the trading venue where the purchase is carried out.

 

Share repurchases under the Buyback Programme may be undertaken until the
earlier of the Maximum Amount being repurchased and 30 August 2024.

 

Any Ordinary Shares acquired as a result of the Buyback Programme will be
initially held in treasury and then may be cancelled periodically.

 

No Ordinary Shares will be sold by any member of the Board as part of the
Buyback Programme.

 

The Buyback Programme, will also be effected within the parameters of the
Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation
2016/1052/EU, each as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018.

 

The Company will make further announcements in due course following any share
purchases conducted through the Buyback Programme.

 

The Company confirms that it currently has no unpublished price sensitive
information.

 

 For further information, please contact:
 Likewise Group plc                                                   Tel: +44 (0) 121 817 2900

 Tony Brewer, Chief Executive
 Zeus (Nominated Adviser and Joint Broker)                            Tel: +44 (0) 20 3829 5000

 Jordan Warburton / David Foreman / James Edis (Investment Banking)

 Dominic King / Fraser Marshall (Corporate Broking)
 Ravenscroft (Joint Broker)                                           Tel: +44 (0) 1481 732 746

 Semelia Hamon (Corporate Finance)
 Novella Communications (Financial PR)                                Tel: +44 (0) 20 3151 7008

 Claire de Groot / Tim Robertson

 

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