REG - Smith & Nephew Plc - Transaction in Own Shares

Smith & NephewAnnouncement

22/02/2022 12:30

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RNS Number : 4513C  Smith & Nephew Plc  22 February 2022

22 February 2022

Share Buyback Programme

Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology business, today
provides the following update in relation to the share buyback programme
announced on 16 December 2021.

Smith+Nephew has entered into a non-discretionary agreement with Merrill Lynch
International in relation to the latter's purchase, acting as riskless
principal, of the Company's ordinary shares of USD $0.20 each for an aggregate
price of up to USD $125 million as part of the first tranche of the Programme.

Shares acquired by Merrill Lynch International will be subsequently
repurchased by Smith+Nephew, held as treasury shares and then cancelled. The
first tranche of the Programme will commence on 23 February 2022 and will end
no later than 27 June 2022. The purpose of the Programme is to reduce the
issued share capital of Smith+Nephew by returning surplus capital to
shareholders.

Any purchase of shares contemplated by this announcement will be carried out
on Recognised Investment Exchanges(1) and will be effected with certain
pre-set parameters. Smith+Nephew's shareholders generally authorised it to
purchase up to a maximum of 87,714,311 ordinary shares at its 2021 Annual
General Meeting held on 14 April 2021, subject to certain limitations (the
"General Authority"). That authority expires on 13 April 2022, the date of the
2022 Annual General Meeting of the Company, when the Company's shareholders
will be asked to authorise another such general authority (being, if approved,
also a "General Authority"). The aggregate number of ordinary shares acquired
by the Company pursuant to the Programme shall not exceed the maximum number
of ordinary shares which the Company is authorised to purchase pursuant to a
relevant General Authority.

The Programme will be executed in accordance with (and subject to the
existence of and/or the limits prescribed by) a relevant General Authority;
and will be conducted within the parameters prescribed by the Market Abuse
Regulation 596/2014/EU as it forms part of domestic law by virtue of section 3
of the European Union (Withdrawal) Act 2018 (as amended) and Chapter 12 of the
Financial Conduct Authority's Listing Rules.   No repurchases will be made
in respect of the Company's American Depositary Receipts.

 (1)  includes the London Stock Exchange and Cboe Europe Limited

Enquiries:

 Investors          +44 (0) 1923 477433

Andrew Swift

Smith+Nephew
 Media              +44 (0) 1923 477314

Charles Reynolds

Smith+Nephew

 

About Smith+Nephew

Smith+Nephew is a portfolio medical technology business focused on the repair,
regeneration and replacement of soft and hard tissue. We exist to restore
people's bodies and their self-belief by using technology to take the limits
off living. We call this purpose 'Life Unlimited'. Our 18,000 employees
deliver this mission every day, making a difference to patients' lives
through the excellence of our product portfolio, and the invention and
application of new technologies across our three global franchises of
Orthopaedics, Sports Medicine & ENT and Advanced Wound Management.

Founded in Hull, UK, in 1856, we now operate in more than 100 countries, and
generated annual sales of $5.2 billion in 2021. Smith+Nephew is a constituent
of the FTSE100 (LSE:SN, NYSE:SNN). The terms 'Group' and 'Smith+Nephew' are
used to refer to Smith & Nephew plc and its consolidated subsidiaries,
unless the context requires otherwise.

For more information about Smith+Nephew, please visit www.smith-nephew.com
(http://www.smith-nephew.com/) and follow us on Twitter
(http://www.twitter.com/smithnephewplc) , LinkedIn
(http://www.linkedin.com/company/smith-%26-nephew) , Instagram
(https://www.instagram.com/smithnephewmeded/) or Facebook
(http://www.facebook.com/smithnephewplc) .

Forward-looking Statements

This document may contain forward-looking statements that may or may not prove
accurate. For example, statements regarding expected revenue growth and
trading margins, market trends and our product pipeline are forward-looking
statements. Phrases such as "aim", "plan", "intend", "anticipate",
"well-placed", "believe", "estimate", "expect", "target", "consider" and
similar expressions are generally intended to identify forward-looking
statements. Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual results to
differ materially from what is expressed or implied by the statements. For
Smith+Nephew, these factors include: risks related to the impact of COVID,
such as the depth and longevity of its impact, government actions and other
restrictive measures taken in response, material delays and cancellations of
elective procedures, reduced procedure capacity at medical facilities,
restricted access for sales representatives to medical facilities, or our
ability to execute business continuity plans as a result of COVID; economic
and financial conditions in the markets we serve, especially those affecting
healthcare providers, payers and customers (including, without limitation, as
a result of COVID); price levels for established and innovative medical
devices; developments in medical technology; regulatory approvals,
reimbursement decisions or other government actions; product defects or
recalls or other problems with quality management systems or failure to comply
with related regulations; litigation relating to patent or other claims; legal
compliance risks and related investigative, remedial or enforcement actions;
disruption to our supply chain or operations or those of our suppliers
(including, without limitation, as a result of COVID); competition for
qualified personnel; strategic actions, including acquisitions and
dispositions, our success in performing due diligence, valuing and integrating
acquired businesses; disruption that may result from transactions or other
changes we make in our business plans or organisation to adapt to market
developments; relationships with healthcare professionals; reliance on
information technology and cyber security; and numerous other matters that
affect us or our markets, including those of a political, economic, business,
competitive or reputational nature. Please refer to the documents that
Smith+Nephew has filed with the U.S. Securities and Exchange Commission under
the U.S. Securities Exchange Act of 1934, as amended, including Smith+Nephew's
most recent annual report on Form 20-F, for a discussion of certain of these
factors. Any forward-looking statement is based on information available to
Smith+Nephew as of the date of the statement. All written or oral
forward-looking statements attributable to Smith+Nephew are qualified by this
caution. Smith+Nephew does not undertake any obligation to update or revise
any forward-looking statement to reflect any change in circumstances or in
Smith+Nephew's expectations.

( )

(◊ )Trademark of Smith+Nephew. Certain marks registered US Patent and
Trademark Office.

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