REG - Smiths Group PLC - Transaction in Own Shares

SmithsAnnouncement

19/11/2021 07:00

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RNS Number : 8987S  Smiths Group PLC  19 November 2021

19 November 2021

 

SMITHS GROUP PLC

NOTIFICATION OF SHARE REPURCHASE PROGRAMME

On 11 November 2021, Smiths Group plc ("Smiths Group") announced its
intention to commence a share repurchase programme of Smith Group's ordinary
shares (the "Ordinary Shares") up to a maximum consideration of £742 million
(the "Programme"). The purpose of the Programme is to reduce the share capital
of Smiths Group. The effect of the reduction in share capital will be to
return 55% of the initial cash proceeds from the sale of Smiths Medical to
shareholders.

Further to the receipt of Shareholder approval for the sale of Smiths Medical
and the granting of authority to make market purchases of Ordinary Shares at
Smiths Group's General Meeting held on 17 November ("General Meeting"), the
Programme, which will be executed in tranches, will commence on 19 November
2021. The first tranche will be carried out through a non-discretionary
mandate Smiths Group has entered into with Goldman Sachs International
("Goldman Sachs"). Goldman Sachs will act as principal in purchasing Ordinary
Shares during the Programme for a maximum consideration of £150 million
(exclusive of fees and expenses incurred by Smiths Group in connection with
the repurchases) and the subsequent on sale of such Ordinary Shares by Goldman
Sachs to Smiths Group. The first tranche of the Programme will commence on 19
November 2021 and is expected to end by no later than 18 March 2022 (the
"Purchase Period"). The maximum number of Ordinary Shares that can be
purchased under the first tranche of the Programme is 59,435,913 (being the
number of Ordinary Shares Smiths Group is authorised to purchase pursuant to
the authority granted by shareholders). Goldman Sachs will make its trading
decisions in relation to the Ordinary Shares independently of, and
uninfluenced by, Smiths Group.

Any purchase of Ordinary Shares under the first tranche of the Programme will
be made on the London Stock Exchange and other trading venues, in accordance
with Smith Group's general authority to make market purchases of Ordinary
Shares. Ordinary Shares purchased under the first tranche of the Programme
will be cancelled.

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

Smiths Group plc's LEI number is: 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.22,000
colleagues in over 50 countries. For more information visit www.smiths.com
(http://www.smiths.com/) .

 

 

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