REG - MITIE Group PLC - Update on Share Buyback Programme

MITIEAnnouncement

11/10/2023 07:00

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RNS Number : 6906P  MITIE Group PLC  11 October 2023

 

 11 October 2023

 

 

Mitie Group plc: Update on Share Buyback Programme

 

First £25m tranche of £50m share buyback programme completed

Second £25m tranche launched today

 

Mitie Group plc ("Mitie" or "the Group") (LSE: MTO), the UK's leading
facilities management company, announces that it has completed the first £25m
tranche (the "First Tranche") of the £50m Share Buyback Programme, announced
on 18 April 2023.

 

Over the duration of the First Tranche, the Group purchased 26.2m Ordinary
Shares of 2.5p each (the "Ordinary Shares") at an average price of 96p.  Of
the 26.2m shares purchased, which represent 2% of the Group's issued share
capital, 4.9m have been cancelled and 21.3m have been retained in treasury in
order to satisfy the 2020 SAYE scheme, which vests in December 2023.

 

The Group also announces that the second tranche (the "Second Tranche") of the
Share Buyback Programme, with a maximum consideration of £25m, will commence
from the date of this announcement.

 

As set out in the announcement of 18 April 2023, 30m shares are required in
total to satisfy the 2020 SAYE scheme. The Group intends to retain 8.7m
Ordinary Shares purchased in the Second Tranche as treasury shares, with the
remainder to be cancelled.

 

The Second Tranche of the Share Buyback Programme will be carried out through
an irrevocable non-discretionary agreement with Peel Hunt LLP ("Peel Hunt") in
relation to the purchase by Peel Hunt, acting as principal for the period
commencing on 10 October 2023 and ending no later than 31 March 2024, of
Ordinary Shares in the share capital of Mitie ("Shares"), for an aggregate
consideration of no greater than £25m, 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, 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 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's job is to look after places where Britain works, and
it is the leading facilities management company in the UK. We offer a range of
services to the public sector through our Central Government & Defence and
Communities (Healthcare, Education, Campus & Critical and Care &
Custody) divisions. Our Technical Services (Engineering Services, Energy,
Water and Real Estate Services) and Business Services (Security, Cleaning,
Landscapes, Spain and Waste) divisions serve private sector customers in areas
such as Financial & Professional Services, Industrials, Retail and
Transport, and increasingly the public sector.

Mitie employs 64,000 people. We take care of our customers' people and
buildings, through the 'Science of Service', and we are transforming
facilities to be more flexible, safe, sustainable, and attractive to all.
Mitie continues to execute its technology-led strategy and in the past twelve
months has received multiple awards and validation for its ambitious near and
long-term science-based emissions reduction targets from the Science Based
Targets initiative (SBTi). Find out more at www.mitie.com
(http://www.mitie.com) .

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