REG - LSL Property Svcs. - Commencement of Share Buyback Programme

LSL Property ServicesAnnouncement

21/04/2022 07:00

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RNS Number : 8190I  LSL Property Services PLC  21 April 2022

For immediate
release
        21 April 2022

 

LSL Property Services plc ("LSL" or "the Company")

 

Commencement of Share Buyback Programme

 

LSL today announces the start of a share buyback programme for a tranche of up
to £10 million.

 

The Company has appointed its broker Numis Securities Limited ("Numis") to
manage the non-discretionary share buyback programme to repurchase ordinary
shares on its behalf up to a maximum consideration of £10 million, for a
period commencing today and ending no later than 30 June 2022 (the "Share
Buyback Programme"). The return of excess capital to shareholders through the
Share Buyback Programme will be funded by cash resources.

 

The Share Buyback Programme will be conducted in accordance with the Company's
general authority to purchase up to a maximum of 10,515,895 ordinary shares,
granted by shareholders at its AGM on 23 June 2021, and the continuation of
the Share Buyback Programme will be subject to the renewal by the shareholders
of the repurchase general authority at the Company's forthcoming AGM on 27 May
2022. The Share Buyback Programme will also be effected within the parameters
prescribed by the Market Abuse Regulation 596/2014/EU and the Commission
Delegated Regulation 2016/1052/EU (each as in force in the UK, from time to
time, including, where relevant, pursuant to the UK's Market Abuse (Amendment)
(EU Exit) Regulations 2019) ("MAR").

 

Share repurchases will be made on the Company's behalf and in accordance with
the arrangement with Numis in open market transactions, depending on market
conditions, share price and trading volume. The maximum price paid per
ordinary share will be limited to be no more than the higher of (i) 105 per
cent of the average middle market closing price of the Company's ordinary
shares for the five business days before the purchase is made, and (ii) 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. It is
intended that the repurchased share be held in treasury. Such treasury shares
are not entitled to dividends and have no voting rights at the Company's
general meetings.

 

Due to the limited liquidity in the issued ordinary shares, a buyback of
ordinary shares pursuant to the Share Buyback Programme on any given trading
day may represent a significant proportion of the daily trading volume in the
ordinary shares on the London Stock Exchange and may exceed 25 per cent of the
average daily trading volume and, accordingly, the Company may not benefit
from the exemption contained in Article 5(1) of MAR.

 

Details of any ordinary shares repurchased will be notified to a Regulatory
Information Service by the Company following any repurchase as required by the
MAR and the Listing Rules of the FCA. LSL confirms that currently it has no
other unpublished inside information other than the information that has been
communicated within this announcement.

 

 

For further information, please contact:

 

 David Stewart, Group CEO

 Adam Castleton, Group CFO
 LSL Property Services plc   investorrelations@lslps.co.uk (mailto:investorrelations@lslps.co.uk)
 Helen Tarbet

 Sophie Wills
 Buchanan                    0207 466 5000 / LSL@buchanan.uk.com (mailto:LSL@buchanan.uk.com)

 

Notes on LSL

LSL is one of the largest providers of services to mortgage intermediaries and
mortgage and protection advice to estate agency customers, completing around
£41bn of mortgages in 2021. It represents around 10% of the total purchase
and remortgage market with around 2,900 financial advisers. PRIMIS was named
Best Network by Money Marketing in their 2021 awards.

 

LSL is one of the UK's largest providers of surveying and valuation
services, supplying seven out of the ten largest lenders in the UK, employing
around 500 operational surveyors, and performing over 500,000 valuations and
surveys per annum for key lender clients. It was named Mortgage Surveyor of
the Year at the 2021 Mortgage Awards with Money Age.

 

LSL also operates a network of 225 owned and 128 franchised estate agency
branches.

 

For further information please visit LSL's website: lslps.co.uk
(http://www.lslps.co.uk)

 

 

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