REG - Smiths Group PLC - Share Buyback Programme

SmithsAnnouncement

11/02/2022 07:30

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RNS Number : 3608B  Smiths Group PLC  11 February 2022

11 February 2022

 

SMITHS GROUP PLC

 

SHARE BUYBACK PROGRAMME

 

Smith Group plc ("Smiths" or the "Company") announces that, in connection with
the share buyback programme (the "Programme") of up to £742 million which it
announced on 11 November 2021, Smiths will commence the second tranche of the
Programme to purchase ordinary shares in the capital of the Company (the
"Ordinary Shares") with a value of up to £75 million subject to remaining
within the Company's general authority to repurchase Ordinary Shares granted
by its shareholders at its General Meeting on 17 November 2021 (the 2021 GM
authority is for a maximum of 59,435,913 shares). The second tranche will
commence when the first tranche of the Programme concludes. This is expected
to occur week commencing 14 February 2022 and will end no later than 15 April
2022 (the "Engagement Period"). The purpose of the Programme is to reduce the
share capital of Smiths.

 

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 second tranche of the Programme. JPMS plc will carry out the
instruction through the acquisition of Ordinary Shares in the Company for
subsequent repurchase and cancellation by the Company. This arrangement is in
accordance with the Company's general authority to repurchase Ordinary Shares,
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).

 

JPMS plc may undertake transactions in the Company's 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 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.

 

Enquiries:

 

Jemma Spalton, Director of Investor Relations

+44 (0)20 7004 1600

Jemma.splaton@smiths.com (mailto:Jemma.splaton@smiths.com)

Matthew Whyte, Company Secretary

+44 (0)20 7004 1600

Matthew.whyte@smiths.com

 

 

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

 

About Smiths Group

 

For over 170 years, Smiths Group has been pioneering progress by improving
the world through smarter engineering. We serve millions of people every year,
to help create a safer, more efficient and better-connected world, across four
major global markets:  Energy, General Industry, Security & Defence, and
Aerospace. Listed on the London Stock Exchange, Smiths employs c. 14,600
colleagues in over 50 countries. For more information visit www.smiths.com
(http://www.smiths.com/) .

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