REG - Smiths Group PLC - SHARE BUYBACK PROGRAMME

SmithsAnnouncement

12/10/2022 09:30

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RNS Number : 6308C  Smiths Group PLC  12 October 2022

12 October 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 fifth tranche of the
Programme to purchase ordinary shares in the capital of the Company (the
"Ordinary Shares") with a value of up to £144 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 fifth tranche will commence on 17 October 2022 and will conclude no later
than 31 March 2023 or once the £742 million programme has completed (the
"Engagement Period"). The purpose of the Programme is to reduce the share
capital of Smiths.

 

As previously announced, the fourth tranche of the Programme will end on 15
October 2022.

 

The Company has entered into an agreement with Goldman Sachs International
("Goldman Sachs") under which Goldman Sachs will manage the fifth tranche of
the Programme. Goldman Sachs 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).

 

Goldman Sachs 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
Goldman Sachs as a result of or as part of the Programme, but Goldman Sachs
will continue to make any disclosures it is otherwise legally required to
make.

 

 

Enquiries:

 

Jemma Spalton, Director of Communications & 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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