REG - Rotork PLC - Share Buy-Back Programme

RotorkAnnouncement

21/03/2024 07:00

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RNS Number : 6892H  Rotork PLC  21 March 2024

21 March 2024

 

Rotork plc

Share buy-back programme

 

As announced at the preliminary results on 5 March 2024, Rotork plc ('Rotork'
or the 'Company') remains a highly cash generative business with a strong cash
position that provides us 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 Morgan Stanley & Co. International Plc
('MS'), pursuant to which MS 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 21 March
2024 and end no later than 24 May 2024. 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 2023 Annual General Meeting (the "2023
Authority") and any subsequent authority granted at the Company's next Annual
General Meeting on 30 April 2024. The maximum number of Ordinary Shares that
the Company is authorised to purchase under the 2023 Authority is 86,082,814
Ordinary Shares. MS will make its trading decisions in relation to the
Ordinary Shares independently of, and uninfluenced by, the Company.

 

Any purchase of Ordinary Shares in relation to the Programme will be carried
out on the London Stock Exchange and any other UK recognised investment
exchange which may be agreed, 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
2023 Annual General Meeting (or as subsequently granted at the Company's 2024
AGM), Chapter 12 of the Financial Conduct Authority's 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:

 

Nick Hasell/Susanne Yule, FTI
Consulting
Tel: +44 (0) 3727 1340

Andrew Carter, Investor Relations Director, Rotork Plc
        Tel: +44 (0) 1225 733 200

 

Legal Entity Identifier: 213800AH5RZIHGWRJ718

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