REG - M. P. Evans Group - Share buyback programme

M P EvansAnnouncement

18/06/2025 07:02

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RNS Number : 2664N  M. P. Evans Group PLC  18 June 2025

 

M.P. EVANS GROUP PLC

("Group" or "M.P. Evans")

 

Share buyback programme

The board of directors of M.P. Evans (the "Board") is pleased to announce that
it will commence a new share buyback programme (the "Programme") with
immediate effect.

The Programme will have a budget of up to £12 million (in aggregate), with up
to £2m to be used to buy back M.P. Evans' shares of 10 pence each ("Shares")
in the market over the course of the period from the date of this announcement
until 17 September 2025. The balance of £10 million may be used during the
same time period in more limited circumstances, including in the event that
any more material shareholdings of Shares are offered for sale.

The Board maintains the view that its overall business and its assets are
currently undervalued, with the current enterprise value being below the
independent valuation of its assets. The Group's robust balance sheet
continues to provide an opportunity to repurchase Shares at advantageous
levels, as part of its overall approach to capital allocation, which will
focus on the long-term value creation for shareholders.

In order to implement the Programme, and consistent with the terms of the
share buyback programme that was announced on 24 December 2024 and expired on
20 March 2025, M.P. Evans has entered into an agreement with Cavendish Capital
Markets Limited on the following basis:

·    Cavendish will manage the purchases on a discretionary basis,
purchasing Shares within certain pre-set parameters and making its trading
decisions independently of, and uninfluenced by, the Group. Purchases may
therefore continue during any closed periods of the Group.

·   The Programme will operate under the authority granted to the Group by
shareholders at the Group's most recent Annual General Meeting, held on 13
June 2025.

·    Any Shares purchased will be cancelled.

·    The Group has authorised the Programme to commence with immediate
effect and will continue whilst it retains the authority from shareholders to
repurchase Shares until 17 September 2025.

·   Shareholders should be aware that the Programme may on any given
trading day represent a significant portion of the daily traded volume in the
Group's Shares on the London Stock Exchange, and the Group expects daily
volumes may exceed 25% of the average daily traded volume on the London Stock
Exchange. Accordingly, the Group may not benefit from the exemption contained
in Article 5(1) of MAR.

·    Outside of the above, the Programme will be conducted in accordance
with the other safe harbour parameters as prescribed by MAR.

The Board will keep the Programme under review and will make a decision in due
course on a further extension.

18 June 2025

 

Enquiries:

 M.P. Evans Group PLC  Telephone: +44 (0) 1892 516333

Peter Hadsley-Chaplin, chairman
Matthew Coulson, chief executive

Luke Shaw, chief financial officer

 

 Cavendish Capital Markets (Nomad and broker)  Telephone: +44 (0) 20 7220 0500

Matt Goode, George Lawson (Corporate Finance)

Tim Redfern, Harriet Ward (Equity Capital Markets)

 

 Hudson Sandler (Financial PR)  Telephone: +44 (0) 20 7796 4133

Charlie Jack, Nick Moore, Francesca Rosser

 

 

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