REG - Spectris PLC - Spectris plc - Share buy-back programme

SpectrisAnnouncement

10/09/2021 07:00

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RNS Number : 3372L  Spectris PLC  10 September 2021

 

Spectris plc - Share buy-back programme

 

10 September 2021 - Spectris plc (SXS: LSE) (the 'Group'), the expert in
providing insight through precision measurement, announces that it is
commencing the final tranche of the share repurchase programme of the Group's
ordinary shares of 5 pence each (the 'Ordinary Shares') for a maximum
consideration of up to £200 million announced in its 2020 full year results
on 25 February 2021 (the 'Programme').  The purpose of the Programme is to
reduce the Group's outstanding Ordinary Shares and accordingly the Group
intends to cancel the Ordinary Shares purchased under the Programme.

 

The final tranche of the Programme will be carried out through an irrevocable
non-discretionary agreement with J.P. Morgan Securities plc ('JPM'), pursuant
to which JPM shall purchase Ordinary Shares as riskless principal (and not as
agent of Spectris plc) for the subsequent sale on to, and purchase by,
Spectris plc. This final tranche will run from 10 September 2021 and end no
later than 30 November 2021 (subject to no regulatory objections or concerns
arising), for an aggregate consideration of up to, but no greater than,
£52,928,796.80. The maximum number of Ordinary Shares that can be purchased
under the final tranche of the Programme is 8,813,793 Ordinary Shares (based
on authority granted at the Group's 2021 annual general meeting). JPM will
make its trading decisions in relation to the Ordinary Shares independently
of, and uninfluenced by, the Group.

 

Any purchase of Ordinary Shares under the final tranche of the Programme will
be carried out on the London Stock Exchange and any other UK recognised
investment exchange which may be agreed, in accordance with pre-set parameters
and in accordance with (and subject to limits prescribed by) the Group's
general authority to repurchase Ordinary Shares granted by its shareholders at
its most recent annual general meeting, 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). The Group will
announce any market repurchases of Ordinary Shares no later than 7.30 a.m. on
the business day following the calendar day on which the repurchase occurred.

 

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