REG - MITIE Group PLC - Launch of further £50m share buyback programme

MITIEAnnouncement

15/04/2024 07:15

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RNS Number : 5238K  MITIE Group PLC  15 April 2024

15 April 2024

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

 

Launch of further £50 million share buyback programme

 

Mitie Group plc ("Mitie" / "the Group") (LSE: MTO), the UK's leading
facilities transformation company, announces its intention to undertake a £50
million share buyback programme (the "Share Buyback Programme") in respect of
its ordinary shares of 2.5 pence each ("Ordinary Shares"), commencing from the
date of this announcement.

 

The Board has a stated policy to purchase shares for all employee incentive
schemes, to eliminate the otherwise dilutive effect to shareholders of issuing
new shares to fulfil the schemes.  The majority of our share schemes are
satisfied through the company's Employee Benefit Trust ("EBT"), whilst Save As
You Earn ("SAYE") schemes are satisfied through treasury shares to mitigate
unnecessary stamp duty costs for the employee. In line with this objective,
c.10 million Ordinary Shares purchased will be held in treasury to satisfy the
2021 SAYE scheme, which vests in January 2025. Ordinary Shares acquired in
excess of this number will be cancelled.

 

In order to execute the Share Buyback Programme, Mitie has entered into an
initial instruction with Peel Hunt LLP ("Peel Hunt") in respect of the first
£25m (excluding expenses) in relation to the purchase by Peel Hunt, acting as
principal during the period commencing on 15 April 2024 and ending no later
than 30 September 2024, of Ordinary Shares in the share capital of Mitie
("Shares") and the simultaneous on-sale of such Shares by Peel Hunt to Mitie.
Peel Hunt will make its trading decisions concerning the timing of the
purchases of Mitie's 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 authority to repurchase shares
granted by Mitie's shareholders at the 2023 Annual General Meeting (which
authority is expected to be renewed at the 2024 Annual General Meeting),
Chapter 12 of the UK Listing Rules and the provisions of the Market Abuse
Regulation 596/2014/EU dealing with buyback programmes.

 

Mitie 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.

 

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For further information

 Kate Heseltine                              M: +44 (0)738 443 9112  E: kate.heseltine@mitie.com (mailto:kate.heseltine@mitie.com)

 Group IR & Corporate Finance Director

 Claire Lovegrove                            M: +44 (0)790 027 6400  E: claire.lovegrove@mitie.com (mailto:claire.lovegrove@mitie.com)

 Director of Corporate Affairs

 Richard Mountain                            M: +44 (0)790 968 4466

 FTI Consulting

About Mitie

Founded in 1987, Mitie employs 65,000 colleagues and is the leading
technology-led Facilities Transformation company in the UK. We are a trusted
partner to c.3,000 blue chip customers across the public and private sectors,
working with them to transform their built estates, and the lived experience
for their colleagues and customers, as well as providing data-driven insights
to inform decision making.

In each of our core services of Engineering (Hard Services) and Security and
Cleaning & Hygiene (Soft Services) we hold market leading positions. We
also upsell Projects capabilities in the areas of building fitouts and
modernisation, decarbonisation, fire & security, and telecoms
infrastructure. Our sector expertise includes Central Government, Critical
National Infrastructure, Defence, Financial Services, Healthcare & Life
Sciences, Local Government & Education, Retail & Logistics and
Transport & Aviation.

We hold industry leading ESG credentials, including a CDP 'A' score, and in
the past 12 months we have received multiple industry awards including B2B
Marketing Team of the Year, Best Low Carbon Solution and Net Zero Carbon
Strategy of the Year. Targeting Net Zero by the end of 2025, our ambitious
emissions reduction plans have also been validated by the Science Based
Targets initiative (SBTi). We have been recognised as a UK Top Employer for
the sixth consecutive year. Find out more at www.mitie.com
(http://www.mitie.com) .

 

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