REG - M. P. Evans Group - Transaction in Own Shares

M P EvansAnnouncement

24/12/2024 07:00

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RNS Number : 1989R  M. P. Evans Group PLC  24 December 2024

 

M.P. EVANS GROUP PLC

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

Extension of share buyback programme

The board of directors of M.P. Evans (the "Board") is pleased to announce the
decision to extend its share buyback programme (the "Extended Share Buyback
Programme") which expired on 16 December 2024. The Extended Share Buyback
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 20 March 2025, in a manner consistent with previous purchases under the
share buyback programme.  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.

The Group has, to date, relied upon the safe harbour conditions for trading as
set out in the EU Market Abuse Regulation (596/2014) (as in force in
the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019), the Commission Delegated Regulation (EU) 2016/1052 (as in force in
the UK and as amended by the FCA's Technical Standards (Market Abuse
Regulation) (EU Exit) Instrument 2019) ("MAR"). However, given the Group's
wish for the Extended Share Buyback Programme to be capable of acquiring an
increased volume of Shares which would not be achievable within the safe
harbour volume parameter, it has now decided to amend its agreement with
Cavendish and conduct the Extended Share Buyback Programme on the following
basis:

·    Cavendish will continue to 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 Extended Share Buyback Programme will operate under the authority
granted to the Group by shareholders at the Group's most recent Annual General
Meeting, held on 14 June 2024.

·    Any Shares purchased will be cancelled.

·    The Group has authorised the Extended Share Buyback Programme to
recommence from today and will continue whilst it retains the authority from
shareholders to repurchase Shares until 20 March 2025.

·    Shareholders should be aware that the Extended Share Buyback
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 Extended Share Buyback Programme will be
conducted in accordance with the other safe harbour parameters as prescribed
by MAR.

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

 

24 December2024

Enquiries:

 M.P. Evans Group PLC                                      Tel: +44 (0)1892 516333
 Peter Hadsley-Chaplin - Non-executive chairman
 Matthew Coulson - Chief executive
 Luke Shaw - Chief financial officer

 Cavendish Capital Markets Limited (Nomad and broker)      Tel: +44 (0)20 7220 0500
 Matt Goode, George Lawson, Rory Sale - Corporate finance
 Tim Redfern, Harriet Ward - Equity capital markets

 Hudson Sandler (Financial PR)                             Tel:  +44 (0)20 7796 4133
 Charlie Jack, Francis Kerrigan, Francesca Rosser

 

 

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