REG - Mission Group PLC - Share buyback programme

MissionAnnouncement

02/01/2025 07:00

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RNS Number : 8326R  Mission Group PLC (The)  02 January 2025

2 January 2025

THE MISSION GROUP Plc

 

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

 

Share buyback programme

The MISSION Group plc (AIM: TMG), the Brand Performance Group, comprising of
digital marketing and specialist communications Agencies, is pleased
to announce that, in accordance with its Capital Allocation Policy, it is
commencing a share buyback programme to return up to £1.5 million to
shareholders (the "Share Buyback Programme").

The Share Buyback Programme will be for on market purchases of up to £1.5
million worth of ordinary shares in the Company (the "Maximum Monetary
Amount") carried out on the London Stock Exchange and any other UK recognised
investment exchange and in accordance with certain pre-set parameters (the
"Share Buyback").

Any purchases of ordinary shares by the Company in relation to this
announcement will be effected within certain pre-set parameters and in
accordance with (and subject to the limits prescribed by) the Company's
general authority to repurchase ordinary shares granted by its shareholders
from time to time (at the Company's AGM on 17 June 2024, shareholders gave the
Company authority to purchase a maximum of 13,835,717 ordinary shares,
equivalent to 15 per cent. of its issued share capital as at 20 May 2024) (the
"General Authority"), the UK Companies Act, the Market Abuse Regulation
596/2014 (as it forms part of UK law pursuant to the European Union
(Withdrawal) Act 2018) (the "Regulations") and the AIM Rules for Companies
(the "AIM Rules").

 

Canaccord Genuity Limited ("Canaccord Genuity") will purchase ordinary shares
of MISSION (the "Shares") under the Share Buyback Programme on behalf of the
Company. The Company will provide instructions to buy back Shares as and when
its management believes that, at the time of instruction, these repurchases
are at or below the Board's view of the intrinsic value of the Company and be
in the best interests of shareholders generally. From time to time, the
Company may also provide one or more time-limited, irrevocable,
non-discretionary instructions to Canaccord Genuity to make trading decisions
and repurchase Shares within those instructions independently of the Company.
Any purchases of shares made during closed periods pursuant to the Share
Buyback Programme shall be made independently of and uninfluenced by the
Company.

Further details of the Share Buyback Programme

·      The purpose of the Share Buyback Programme is to return capital
to those shareholders wishing to participate in the Share Buyback.

·      The Share Buyback will be financed from existing cash resources.

·      The aggregate number of Shares acquired by the Company pursuant
to the Share Buyback shall not exceed the maximum number of ordinary shares
which the Company is authorised to purchase pursuant to the General Authority,
set out above.

·      In accordance with the General Authority, the maximum price
(exclusive of expenses) which may be paid for each Share is an amount equal to
the higher of (i) 105 per cent of the average of the middle market quotations
for a Share as derived from the London Stock Exchange Daily Official List for
the five business days immediately preceding the day on which the Company
agrees to buy the shares concerned; and (ii) the higher of the price of the
last independent trade of any Share and the highest current independent bid
for a Share in the trading venue where the purchase is carried out.
Furthermore, in accordance with the General Authority, the minimum price which
may be paid for each Share is 10 pence.

·      It is intended that the Share Buyback Programme will, insofar as
is possible, be conducted in accordance with the safe harbour parameters of
MAR (as defined below); however, given the limited liquidity in the Shares,
the Share Buyback may on any given trading day represent a significant
proportion of the daily trading volume in the Ordinary Shares on the London
Stock Exchange and could exceed 25 per cent of the average daily trading
volume. Accordingly, the Group may not benefit from the exemption contained in
Article 5(1) in the UK version of the Market Abuse Regulations (Regulation
(EU) No 596/2014) as incorporated into UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ("MAR")

·      The Share Buyback will commence on the date of this announcement
and is anticipated to end at the earlier of the 2025 annual general meeting or
until the number of Shares equal to the Maximum Monetary Amount have been
purchased under the Share Buyback or the process is terminated or paused.

·      The purchased Shares will be held by the Company in treasury for
later reissue or cancellation, at the Company's discretion. Shares held in
treasury are, subject to the Companies Act 2006, not entitled to distributions
or dividends and the rights and obligations of such shares shall be suspended
(including any voting rights at the Company general meetings).

·      Share buybacks will take place in open market transactions and
may be made from time to time depending on market conditions, share price and
trading volume. There is no certainty that any buybacks will be completed. The
Share Buyback may be paused at any time if deemed appropriate by the Company
with respect to market conditions.

·      Purchases may continue under the Share Buyback Programme during
any closed period to which the Company is subject provided an irrevocable,
non-discretionary instruction to Canaccord Genuity has been made prior to
entering a closed period. The Company confirms it is not in a close period and
currently has no other unpublished inside information.

·      There is no guarantee that the Share Buyback Programme will be
implemented in full or that any purchases will be made. The Company reserves
the right to bring a halt to the Share Buyback Programme under circumstances
that it deems to be appropriate and in accordance with relevant law and
regulation.

·      As at 31 December 2024, the Company's total issued share capital
consisted of 92,238,119 Ordinary Shares, with one voting right per share. As
at this date, the Company does not hold any Shares in treasury. Therefore, the
total number of voting rights in the Group is 92,238,119.

·      The Company will make further regulatory announcements in respect
of repurchases of Shares as required by applicable laws and regulations,
including UK MAR and the AIM Rules.

·      Any market purchase of Ordinary Shares pursuant to the Share
Buyback will be announced no later than 7.30am on the business day following
the day on which the purchase occurred

The Board has determined that the commencement of this Share Buyback Programme
is in the best interests of the Company and its shareholders.

ENQUIRIES:   

 

 Cat Davis - Group Marketing Director                                   Via Houston

 E: cdavis@themission.co.uk (mailto:cdavis@themission.co.uk)

 The MISSION Group PLC

 Simon Bridges/Andrew Potts/Harry Rees
 Canaccord Genuity Limited                                              020 7523 8000

 (Financial Adviser, Nominated Adviser and Broker)

 Peter Tracey                                                           020 3807 8484

 Blackdown Partners Limited

 (Financial
 Adviser)

 Kate Hoare / Alexander Clelland / India Spencer                        0204 529 0549

 E: mission@houston.co.uk (mailto:mission@houston.co.uk)

 Houston PR

 

 

 

NOTES TO EDITORS 

 

The MISSION Group Plc. is The Brand Performance Group.

 

Delivering measurable, results-driven campaigns as the preferred creative
partner for real business growth. We offer top-tier agencies, strategic
specialisms and global reach delivering outstanding performance for brands. We
call it Work That Counts™ www.themission.co.uk
(http://www.themission.co.uk/)

 

 

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