REG - LSL Property Svcs. - Extension to Share Buyback Programme

LSL Property ServicesAnnouncement

24/06/2022 07:00

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RNS Number : 0427Q  LSL Property Services PLC  24 June 2022

 
 
         24 June 2022

LSL Property Services plc ("LSL")

Extension to Share Buyback Programme

On 21 April 2022, LSL announced that it had appointed Numis Securities Limited
("Numis") to manage its non-discretionary share buyback programme and
repurchase LSL's ordinary shares on its behalf up to a maximum consideration
of £10 million, for a period ending no later than 30 June 2022 (the "Original
Programme").

LSL today announces that the Board has resolved to extend the Share Buyback
Programme, which was expected to complete on 30 June 2022, for a further three
months. Accordingly, the extended programme will end no later than 30
September 2022, unless completed earlier (the "Extended Programme"). LSL also
announces that Numis has been instructed to continue the share buyback
programme on an irrevocable basis within certain pre-set parameters, during
the forthcoming closed period, which commences on 24 June 2022 and will end on
the day that LSL publishes its interim results. During the closed period,
Numis will conduct the Extended Programme on the LSL's behalf and make trading
decisions under the Extended Programme independently of LSL. As of 23 June
2022, 360,273 ordinary shares had been repurchased pursuant to the Original
Programme, representing an aggregate consideration of £1.3 million.
Accordingly, the total size of the Extended Programme shall be up to £8.7
million.

As with the Original Programme, the Extended Programme will be conducted in
accordance with LSL's general authority to purchase up to a maximum of
10,515,895 ordinary shares, granted by shareholders at its AGM on 27 May 2022.
The Extended 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 made pursuant to the Extended Programme will be made on
LSL'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
LSL'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 shares be held in treasury. Such
treasury shares are not entitled to dividends and have no voting rights at
LSL's general meetings.

Due to the limited liquidity in the issued ordinary shares, a buyback of
ordinary shares pursuant to the Extended 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, LSL 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 LSL following any repurchase as required by the MAR and
the Listing Rules of the FCA. LSL confirms that currently it is not, in its
assessment, in procession of any 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

 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
mortgage and protection advice to estate agency customers, completing around
£41bn of mortgages in 2021. It represents around 10% of the total purchase
and re-mortgage market with around 2,900 financial advisers. PRIMIS was named
Best Network by Money Marketing in their 2021 awards and Best Network, 300+
appointed representatives at the 2022 Mortgage Strategy 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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