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

LSL Property ServicesAnnouncement

30/04/2024 07:00

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RNS Number : 4928M  LSL Property Services PLC  30 April 2024

 
        30 April 2024

 

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

 

Commencement of Share Buyback Programme

 

 

As communicated in its preliminary results announcement on 25 April 2024, LSL
today announces the start of a share buyback programme for a tranche of up to
£7 million.

 

The Company has appointed its broker Numis Securities Limited ("Deutsche
Numis") to manage the non-discretionary share buyback programme to repurchase
ordinary shares on its behalf up to a maximum consideration of £7 million,
for a period commencing today and ending no later than 30 April 2025 (the
"Share Buyback Programme"). LSL also announces that Deutsche Numis has been
instructed to carry out the Share Buyback Programme on an irrevocable basis
under certain pre-agreed circumstances. In such circumstances, Deutsche Numis
will conduct the Share Buyback Programme on LSL's behalf and make trading
decisions under the Share Buyback Programme independently of LSL.

 

In order to complete the Share Buyback Programme in an effective manner, the
Company has instructed Deutsche Numis that on any given trading day to buyback
ordinary shares under the Share Buyback Programme in excess of 25 per cent of
the average daily trading volume on the trading venue where the purchase is
carried out. On days where a buyback of shares exceeds 25 per cent of the
average daily trading volume, the Company will not fall within the exemption
contained in Article 5(1) of UK MAR (as later defined).

 

Share repurchases will be made on the Company's behalf and in accordance with
the arrangement with Deutsche 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 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 for an ordinary share on the trading venue where the purchase is carried
out.

 

The return of excess capital to shareholders through the Share Buyback
Programme will be funded by cash resources. It is intended that the
repurchased shares be held in treasury. Such treasury shares are not entitled
to dividends and have no voting rights at the Company's general meetings.

 

The Share Buyback Programme will be conducted in accordance with the Company's
general authority to purchase up to a maximum of 10,398,251 ordinary shares,
granted by shareholders at its AGM on 25 May 2023, 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 20 June
2024. The Share Buyback Programme will also be affected 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) ("UK MAR").

 

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

 

 

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

 George Beale
 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
estate agent franchisees.

 

Its c.2,900 advisers represent around 11% of the total purchase and remortgage
market. PRIMIS was named Best Network, 300+ appointed representatives at the
2022 Mortgage Strategy Awards.

 

Its 61 estate agency franchisees operate in 308 territories.

 

LSL is also one of the UK's largest providers of surveying and valuation
services, supplying seven out of the eight largest lenders in the UK. e.surv
was named Best Surveying Firm at the 2022 Mortgage Finance Gazette Awards.

 

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

 

 

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