REG - Rotork PLC - Commencement of share buyback programme

RotorkAnnouncement

07/04/2025 07:00

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RNS Number : 7995D  Rotork PLC  07 April 2025

Rotork plc

Commencement of share buyback programme

7 April 2025

 

As announced at the Company's preliminary full year results on 11 March 2025,
Rotork plc ('Rotork' or the 'Company') remains a highly cash generative
business with considerable financial flexibility. Consistent with our stated
capital allocation policy, the Board has decided to return cash to
shareholders while retaining a strong balance sheet. As a result, Rotork is
commencing a share buyback programme (the 'Programme') to repurchase ordinary
shares of 0.5 pence each in the capital of the Company ('Ordinary Shares').
The aggregate purchase price of all Ordinary Shares acquired under the
Programme will be no more than £50 million (excluding stamp duty and
expenses). Any Ordinary Shares purchased by the Company will be cancelled. Our
financial flexibility enables us to pursue strategic investments and we remain
active in looking for suitable opportunities, consistent with our Growth+
strategy.

 

The first tranche of the Programme will be carried out through an irrevocable
non-discretionary agreement with J.P. Morgan Securities plc ('JPM'), pursuant
to which JPM shall purchase Ordinary Shares as riskless principal (and not as
agent of Rotork) for the subsequent sale on to, and purchase by, Rotork. The
first tranche of the Programme will run from 7 April 2025 and end no later
than 30 May 2025. The aggregate purchase price of all Ordinary Shares acquired
under the first tranche of the Programme will be no greater than £10 million
(excluding stamp duty and expenses). Any purchases under the Programme will
take place in accordance with (and subject to the limits prescribed by) the
Company's general authority to repurchase Ordinary Shares granted at the
Company's 2024 Annual General Meeting (the '2024 Authority') and any
subsequent authority granted at the Company's next Annual General Meeting on 2
May 2025. The maximum number of Ordinary Shares that the Company remains
authorised to purchase under the 2024 Authority is 73,741,892 Ordinary Shares.
JPM will make its trading decisions in relation to the Ordinary Shares
independently of, and uninfluenced by, the Company.

 

Any purchase of Ordinary Shares under the first tranche of the Programme will
be carried out on the London Stock Exchange and CBOE Europe Limited, in
accordance with pre-set parameters and in accordance with (and subject to
limits prescribed by) the Company's general authority to repurchase Ordinary
Shares granted by its shareholders at its 2024 Annual General Meeting (or, if
applicable, its 2025 Annual General Meeting), Chapter 9 of the UK Financial
Conduct Authority's UK Listing Rules, Article 5(1) of Regulation (EU) No.
596/2014 (as incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018) and Commission Delegated Regulation (EU) 2016/1052 (as
incorporated into UK domestic law by the European Union (Withdrawal) Act
2018). Rotork will announce any market repurchases of Ordinary Shares no later
than 7.30 a.m. on the business day following the calendar day on which the
repurchase occurred.

 

Enquiries to:

 Nick Hasell/Susanne Yule, FTI Consulting                Tel: +44 (0) 20 3727 1340
 Andrew Carter, Investor Relations Director, Rotork Plc  Tel: +44 (0) 1225 733 200

 

Notes:

Legal Entity Identifier: 213800AH5RZIHGWRJ718

 

 

 

 

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