REG - Melrose Industries - Share Buyback Programme

Melrose IndustriesAnnouncement

02/10/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231002:nRSB2600Oa&default-theme=true

RNS Number : 2600O  Melrose Industries PLC  02 October 2023

2 October 2023

 

MELROSE INDUSTRIES PLC (THE "COMPANY")

 

COMMENCEMENT OF £500 MILLION SHARE BUYBACK PROGRAMME

 

Share buyback programme

 

As part of its 2023 interim results announcement on 7 September 2023, the
Company announced it was commencing early its share buyback programme at the
beginning of October 2023, starting with a £500 million on-market buyback, to
be conducted over 12 months (the "Programme").

 

In accordance with the Company's general authority to make market purchases of
existing ordinary shares of 160/7 pence each in the capital of the Company
("Ordinary Shares") as granted by its shareholders at the Annual General
Meeting held on 8 June 2023 (the "General Authority"), the Programme will
purchase no more than 202,586,150 Ordinary Shares and up to a maximum
aggregate consideration payable by the Company of £500 million.  The
Programme will commence on 2 October 2023 and will end no later than 1 October
2024.  The continuation of the Programme beyond the conclusion of the
Company's next Annual General Meeting (or, if earlier, the close of trading on
30 June 2024) will be subject to the Company obtaining fresh general authority
from its shareholders at such Annual General Meeting.

 

It is intended that Ordinary Shares repurchased shall be either held in
treasury or cancelled, in each case as notified to the market from time to
time.  Cancelling those shares will reduce the share capital of the Company
whilst holding Ordinary Shares in treasury will give the Company the ability
to cancel or re-issue such Ordinary Shares at a later date.  Any purchases of
Ordinary Shares by Melrose in relation to the Programme will be conducted in
accordance with the General Authority, any further approvals to repurchase
shares as may be granted by its shareholders from time to time, the Market
Abuse Regulation 596/2014 as it forms part of domestic law by virtue of
section 3 of the European Union (Withdrawal) Act 2018 (as amended and
supplemented), and Chapter 12 of the Listing Rules.

 

Melrose has entered into irrevocable, non-discretionary instructions with
Investec Bank plc ("Investec") and J.P. Morgan Securities plc (which conducts
its UK investment banking business as JP Morgan Cazenove, "JP Morgan
Cazenove") to conduct the Programme on its behalf and to make trading
decisions under the Programme independently of Melrose.  The Programme will
not impact the Company's existing Ordinary Share dividend policy.

 

Enquiries:

 Investor Relations:                                                            +44 (0) 7974 974690
 ir@melroseplc.net (mailto:ir@melroseplc.net)
 Montfort Communications - Financial PR:                                        +44 (0) 20 3514 0897
 Nick Miles miles@montfort.london (mailto:miles@montfort.london)                +44 (0) 7739 701634
 Charlotte McMullen mcmullen@montfort.london (mailto:mcmullen@montfort.london)  +44 (0) 7921 881 800
 Investec - Corporate Broker:                                                   +44 (0) 20 7597 5970
 Carlton Nelson
 JP Morgan Cazenove - Corporate Broker:                                         +44 (0) 20 7986 4000
 Robert Constant

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSUAOKROKURRRA