REG - Mears Grp PLC - Notice of General Meeting

MearsAnnouncement

10/02/2025 14:15

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RNS Number : 5614W  Mears Group PLC  10 February 2025

10 February
2025
LEI: 213800DHCALLH8IRJV57

Mears Group PLC

(the "Company")

Notice of General Meeting

Share Buyback Programme

The Company today announces that it has posted to shareholders a notice of
general meeting of the Company's shareholders (the "Notice of General
Meeting"), together with a form of proxy.

The general meeting of the Company's shareholders is to be held at the
Company's offices at Second Floor, 5220 Valiant Court, Gloucester Business
Park, Brockworth, Gloucester GL3 4FS on 3 March 2025 at 9:30 a.m., at which
a special resolution will be proposed to authorise the Company to purchase up
to 10% of its own Ordinary Shares in the market.

At the 2024 AGM, Shareholders approved the purchase of up to 9,684,776
Ordinary Shares, which represented 10% of the Company's issued share capital
as at 17 April 2024 (the "AGM Buyback Authority"). It was noted at the time
that the Directors intended to use this authority to adopt a recurring
programme of share buybacks. Since the 2024 AGM, the Company has repurchased
5,912,957 Ordinary Shares (as at 6 February 2025, being the latest practicable
date prior to the printing of the the Notice of General Meeting) under two
buyback programmes (the most recent of which was announced on
30 January 2025 and is ongoing). Accordingly, the Company has utilised 61%
of the AGM Buyback Authority and the Directors expect that the remaining
capacity would be fully utilised before the Company's next annual general
meeting, which is expected to be held in June 2025 (the "2025 AGM").

The Directors continue to believe in the attractiveness of share buybacks as a
means of returning excess cash to Shareholders. The Resolution is therefore
being proposed to seek additional authority to purchase shares in order to
provide the Board with sufficient flexibility in delivering against its
capital allocation strategy.

National Storage Mechanism

The Notice of General Meeting and the form of proxy have been have been
submitted to the National Storage Mechanism and will shortly be available for
inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) . A copy of the
Circular (including the Notice of the General Meeting) will also be available
for viewing on the Company's website at www.mearsgroup.co.uk
(http://www.mearsgroup.co.uk) .

For further information contact:

 Mears Group PLC
 Ben Westran, Company Secretary        Tel: +44(0)1452 634660

 

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