REG - Rotork PLC - Share buyback programme

RotorkAnnouncement

03/06/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250603:nRSC1038La&default-theme=true

RNS Number : 1038L  Rotork PLC  03 June 2025

Rotork plc

Share buyback programme

3 June 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
commenced 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 completed on 30 May 2025.

 

The second and third tranches 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 second and third tranches of the Programme will run
from 3 June 2025 and end no later than 31 July 2025. The aggregate purchase
price of all Ordinary Shares acquired under the second and third tranches of
the Programme will be no greater than £20 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 Annual General Meeting
on 2 May 2025  (the '2025 Authority'). The maximum number of Ordinary Shares
that the Company remains authorised to purchase under the 2025 Authority is
82,952,403 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 second and third tranches 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 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

Stuart Pain, Group General Counsel & Company Secretary, Rotork
Plc          Tel: +44 (0) 1225 733 200

 

Legal Entity Identifier: 213800AH5RZIHGWRJ718

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSSFFWEEISESM