REG - Serco Group PLC - Share Repurchase

SercoAnnouncement

08/03/2022 07:00

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RNS Number : 9254D  Serco Group PLC  08 March 2022

Serco share repurchase programme

8 March 2022

 

Serco today provides this further announcement in connection with its
intention to repurchase shares over the next 12 months valued at up to £90
million, as announced on 24 February 2022.

 

The first tranche of the buyback will be a programme (the 'Programme') to
purchase shares with a value of up to £40 million.  This will occur during
the period starting on 8 March 2022 and ending no later than 16 August 2022
(the 'Engagement Period').  The second tranche of the buyback, with a value
of up to £50 million, is expected to commence following completion of the
first tranche. The aggregate number of shares acquired by the Company shall
not exceed the balance of 107,694,378 shares remaining of the 121,662,712
shares authorised by shareholders at the 2021 Annual General Meeting.  It is
intended that any shares repurchased under the Programme will be transferred
into treasury and subsequently cancelled.

 

The Company has entered into an agreement with J.P. Morgan Securities plc
(JPMS plc) under which it has issued an irrevocable instruction to JPMS plc to
manage the Programme for the Engagement Period. JPMS plc will carry out the
instruction through the acquisition of ordinary shares in the Company for
subsequent repurchase by the Company.  This arrangement is in accordance with
Chapter 12 of the UKLA Listing Rules and the Company's general authority to
repurchase shares.

 

JPMS plc may undertake transactions in ordinary shares of the Company (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 Engagement Period in order to manage its market exposure under the
Programme.  Disclosure of such transactions will not be made by JPMS plc as a
result of or as part of the Programme, but JPMS plc will continue to make any
disclosures it is 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 is a leading provider of public services. Our customers are governments
or others operating in the public sector.  We gain scale, expertise and
diversification by operating internationally across five sectors and four
geographies: Defence, Justice & Immigration, Transport, Health and Citizen
Services, delivered in UK & Europe, North America, Asia Pacific and the
Middle East. More information can be found at www.serco.com
(http://www.serco.com)

 

LEI: 549300PT2CIHYN5GWJ21

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