REG - Michelmersh Brick - Renewal of Share Buyback Programme

Michelmersh Brick HoldingsAnnouncement

29/03/2023 07:45

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RNS Number : 6007U  Michelmersh Brick Holdings PLC  29 March 2023

29 March 2023

 

Michelmersh Brick Holdings Plc

 

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

 

Renewal of Share Buyback Programme

 

Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer,
today announces that it intends to re-commence a share buyback programme in
respect of its ordinary shares of 20 pence each ("Ordinary Shares") up to a
maximum consideration of £2.8 million from the date of this announcement
(the "Share Buyback Programme").

 

The purpose of the Share Buyback Programme is to reduce the share capital of
the Group in order to return value to shareholders.

 

The Share Buyback Programme was first announced on 24 November 2023, but the
initial term of the programme has now lapsed.

 

Michelmersh today announces that it has re-entered into an irrevocable
non-discretionary instruction with Canaccord Genuity Limited ("Canaccord")
 in relation to the purchase by Canaccord, acting as principal during the
period commencing on 29 March 2023 and ending no later than 30 June 2023, of
Ordinary Shares for an aggregate consideration (excluding expenses) of no
greater than £2.8 million and the simultaneous on-sale of such Ordinary
Shares by Canaccord to Michelmersh, where they will be held in treasury.
Canaccord will make its trading decisions concerning the timing of the
purchases of Ordinary Shares independently of, and uninfluenced by, the Group.

 

The Share Buyback Programme will be conducted within certain pre-set
parameters, and in accordance with the general authorities to repurchase
shares granted by shareholders at the Group's Annual General Meetings, Chapter
12 of the UK Listing Rules and the provisions of the Market Abuse Regulation
596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019 ("UK MAR") and the Commission Delegated Regulation 2016/1052/EU as
amended by Technical Standards (Market Abuse Regulation) (EU Exit) Instrument
2019 which both form part of the law of the United Kingdom by virtue of the
European Union (Withdrawal) Act 2018.

 

Michelmersh will announce any market repurchase of Ordinary Shares no later
than 7.30 a.m. on the business day following the calendar day on which the
repurchase occurred.

 

 

 Michelmersh Brick Holdings Plc                      Tel: +44 (0)1825 430 412

 Frank Hanna, Joint Chief Executive Officer

 Ryan Mahoney, Chief Financial Officer
 Canaccord Genuity Limited (NOMAD and Joint Broker)  Tel: +44 (0)20 7523 8000

 Max Hartley

 Bobbie Hilliam

 Harry Pardoe
 Berenberg (Joint Broker)                            Tel: +44 (0) 203 207 7800

 Richard Bootle

 Detlir Elizi

 Tom Graham
 Yellow Jersey PR

 Charles Goodwin                                     Tel: +44 (0)7747 788 221

 Annabelle Willis                                    Tel: +44 (0)7775 194 357

 

The information contained within this announcement is deemed to constitute
inside information as stipulated under the UK Market Abuse Regulations. Upon
the publication of this announcement, this inside information is now
considered to be in the public domain.

 

About Michelmersh Brick Holdings PLC:

 

Michelmersh Brick Holdings PLC is a business with seven market leading brands:
Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Floren and
Hathern Terra Cotta. These divisions operate within a fully integrated
business combining the manufacture of clay bricks and pavers. The Group also
includes a landfill operator, New Acres Limited, and seeks to develop future
landfill and development opportunities on ancillary land assets.

 

Established in 1997, the Company has grown through acquisition and organic
growth into a profitable and asset rich business, producing over 120 million
clay bricks and pavers per annum. Michelmersh currently owns most of the UK's
premium manufacturing brick brands and is a leading specification brick and
clay paving manufacturer.

 

Michelmersh strives to be a well invested, long term, sustainable,
environmentally responsible business. Opportunity, training and security for
all employees, whilst meeting the needs of stakeholders are at the forefront
of everything we do. We aim to lead the way in producing some of Britain's
premium clay products and enhancing our environment by adding value to the
architectural landscape for generations to come.

 

We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".

 

Please visit the Group's websites at: www.mbhplc.co.uk
(http://www.mbhplc.co.uk/)  and www.bimbricks.com (http://www.bimbricks.com)

 

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