REG - Serco Group PLC - Share Repurchase Programme

SercoAnnouncement

05/03/2024 07:00

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RNS Number : 5397F  Serco Group PLC  05 March 2024

5 March 2024

LEI: 549300PT2CIHYN5GWJ21

Serco Group plc

(Serco or the Company)

Share Repurchase Programme

Serco today announces that, as outlined in the announcement of its 2023 Full
Year Results on 29 February 2024, it intends to repurchase shares with a value
of up to £140 million (the Programme).

Serco has instructed Barclays Capital Securities Limited (Barclays) and J.P.
Morgan Securities plc (JPMS), together the Brokers, to execute the Programme.

Serco has entered into a non-discretionary and irrevocable instruction with
Barclays in relation to the purchase by Barclays, acting as riskless principal
during the period commencing today and ending no later than 5 August 2024, of
the Company's Ordinary Shares of 2 pence each (Ordinary Shares) for an
aggregate purchase price of up to £70 million.  Following completion, or any
termination of such instruction, the Programme will continue under a second
non-discretionary and irrevocable instruction with JPMS in relation to the
purchase by JPMS, acting as riskless principal during the period commencing
following the end of the Barclays instruction and ending no later than 31
December 2024, subject to suspension for certain exceptional and/or unforeseen
circumstances, of further Ordinary Shares for an aggregate purchase price of
up to £70 million.

The aggregate number of shares acquired by the Company shall not exceed
115,617,039 Ordinary Shares as authorised by shareholders at the 2023 Annual
General Meeting. It is intended that any Ordinary Shares purchased under the
Programme will be transferred into treasury and subsequently cancelled. This
arrangement is in accordance with Chapter 12 of the Financial Conduct
Authority's Listing Rules and the Company's general authority to repurchase
shares.

The aggregate purchase price of the Ordinary Shares bought by the Brokers
under the two instructions shall be no greater than £140 million. Each of the
Brokers shall make a simultaneous on-sale of Ordinary Shares purchased under
the instructions to Serco. The Brokers will make their trading decisions in
relation to the Programme independently of, and uninfluenced by, Serco.

The Brokers may undertake transactions in Ordinary Shares (which may include
sales and hedging activities, in addition to purchases which may take place on
any available trading venue or on an over the counter basis) during the period
of the Programme in order to manage their market exposure under the Programme.
Disclosure of such transactions will not be made by the relevant Broker as a
result of or as part of the Programme, but the Brokers will continue to make
any disclosures they are otherwise legally required to make.

Ends

 

For further information please contact:

Paul   Checketts, Head  of   Investor  Relations, tel:   +44
(0)   7718  195   074   or email: paul.checketts@serco.com
(mailto:paul.checketts@serco.com)

Marcus De  Ville,  Head of   Media  Relations, tel: +44 (0)   7738
898   550 or email: marcus.deville@serco.com
(mailto:marcus.deville@serco.com)

 

About Serco

Serco brings together the right people, the right technology and the right
partners to create innovative solutions that make positive impact and address
some of the most urgent and complex challenges facing the modern world.  With
a primary focus on serving governments globally, Serco's services are powered
by more than 50,000 people working across defence, space, migration, justice,
healthcare, mobility and customer services. Serco's core capabilities include
service design and advisory, resourcing, complex programme management, systems
integration, case management, engineering, and asset & facilities
management. Underpinned by Serco's unique operating model, Serco drives
innovation and supports customers from service discovery through to delivery.
More information can be found at www.serco.com (http://www.serco.com)

 

 

 

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