REG - Marlowe PLC - Additional Share Buyback Programme

MarloweAnnouncement

Mon 07:10

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RNS Number : 2988G  Marlowe PLC  28 April 2025

28 April 2025

Marlowe plc

("Marlowe", the "Company" or the "Group")

Additional Share Buyback Programme

 

Marlowe, the leader in business-critical services, is pleased to announce that
it has now returned an aggregate of £72 million to Group shareholders
pursuant to the share buyback programme announced by the Company on 22 May
2024 to return up to £75 million (the "Programme").

 

The Group announces that on conclusion of the Programme it intends to return
up to an additional £15 million to shareholders by way of on-market purchases
of ordinary shares of 50 pence each in the capital of the Company ("Ordinary
Shares") from the date of this announcement (the "Additional Programme").

 

The Additional Programme will be undertaken on the same terms as the
Programme, will be funded from the Company's existing cash resources, and will
operate under the authorities granted by shareholders at the Group's General
Meeting ("GM") held on 20 February 2025.

 

Pursuant to the buyback authority granted at the GM, the maximum price which
may be paid by the Company per Ordinary Share pursuant to the Additional
Programme shall not be more than 5 per cent above the average middle market
quotations for an Ordinary Share (as derived from the London Stock Exchange
AIM All-Share List) for the five business days immediately preceding the date
on which such share is contracted to be purchased.

 

The Company has appointed Cavendish Capital Markets Limited ("Cavendish") to
manage the Additional Programme on its behalf and to independently carry out
on-market purchases of its Ordinary Shares. Share purchases will take place in
open market transactions and may be made from time to time depending on market
conditions, share price, trading volume and other factors. The Company is not
in a close period and currently has no unpublished price sensitive
information.

 

The Additional Programme will be effective on conclusion of the Programme and
will, unless terminated at an earlier date, expire on the earlier of the
completion of the Additional Programme or at the conclusion of the Company's
2025 Annual General Meeting ("Expiry Date").

 

Marlowe intends to cancel all of the repurchased Ordinary Shares. Purchases
may continue during any closed period to which the Company is subject to from
the date of this announcement to the Expiry Date and any market purchase of
Ordinary Shares pursuant to the Extension are expected to be announced no
later than 7.30am on the business day following the day on which the purchase
occurred.

 

The Company has determined that it will not rely on the safe harbour
conditions for trading set out in Article 3(2) and Article 3(3) of the
Commission Delegated Regulation (EU) 2016/1052 (which forms part of domestic
UK law pursuant to the European Union (Withdrawal) Act 2018) given the limited
liquidity in the Ordinary Shares and limitations that the conditions would
impose on the number of Ordinary Shares that can be purchased and, as such,
the Company may (a) purchase Ordinary Shares at a price higher than the higher
of the price of the last independent trade and the highest current independent
bid for an Ordinary Share, and (b) purchase on any trading day materially in
excess of 25 per cent of the average daily volume in the 20 trading days
preceding the date on which the purchase is carried out.

 

As at 24 April 2025 the Company's total issued share capital consisted
of 78,518,814 Ordinary Shares, with one voting right per share. As at this
date the Group did not hold any Ordinary Shares in treasury. Therefore, the
total number of voting rights in the Group is 78,518,814.

 For further information:

 Marlowe plc
 Lord Ashcroft, Interim Non-Executive Chair  www.marloweplc.com

 Adam Councell, Chief Financial Officer      Tel: +44 (0)20 3813 8498

 Benjamin Tucker, Head of Group Reporting    IR@marloweplc.com (mailto:IR@marloweplc.com)

 Cavendish Capital Markets Limited (Nominated Adviser & Broker)
 Ben Jeynes                                  Tel: +44 (0)20 7220 0500

 George Lawson

 FTI Consulting
 Nick Hasell                                 Tel: +44 (0)20 3727 1340

 Alex Le May

 

About Marlowe plc

Marlowe is a leader in business-critical services which ensures compliance
with strict regulations and insurance requirements across Fire Safety &
Security and Water & Air Hygiene. The Group has a national footprint and
serves approximately 27,000 customers across office complexes, high streets
& leisure facilities, manufacturing plants and industrial estates, and
include thousands of SMEs, local authorities, facilities management providers,
multi-site NHS trusts and FTSE 100 companies.

 

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