REG - Speedy Hire PLC - Share buyback programme

Speedy HireAnnouncement

27/01/2022 07:05

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RNS Number : 7718Z  Speedy Hire PLC  27 January 2022

 

Speedy Hire Plc

("Speedy", "the Company" or "the Group")

 

27 January 2022

Share buyback programme

Speedy, the UK's leading provider of tools and equipment hire, and services to
the construction, infrastructure and industrial markets, today announces that
it will undertake a share buyback programme of up to £30 million. At the time
of the half year results in November 2021, the Board undertook to review the
medium-term capital needs of the Group and consider potential returns to
shareholders. The Board considers that a £30 million share buyback programme
is prudent, reflects the cash generative ability of the Group and maintains a
strong balance sheet consistent with its capital allocation policy.

The Group has appointed its corporate brokers Liberum Capital Limited
("Liberum") and Panmure Gordon (UK) Limited ("Panmure Gordon") to manage the
share buyback programme to repurchase Ordinary Shares on its behalf from 28
January 2022, up to a maximum aggregate consideration of £30 million (the
"Share Buyback Programme"). It is the intention that this £30 million Share
Buyback Programme will be completed by the time of Speedy's 2022 Annual
General Meeting which is to be held no later than 30 September 2022.

Speedy has entered into an irrevocable commitment with Liberum and Panmure
Gordon to continue the Share Buyback through a non-discretionary programme,
repurchasing the Company's Ordinary Shares on its behalf, and within certain
defined parameters. Liberum and Panmure Gordon will make trading decisions in
relation to the buyback of Ordinary Shares independently of the Company within
the programme terms.

Share repurchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price and trading
volume. The maximum price paid per Ordinary Share will be no more than the
higher of the price of the last independent trade and the highest current
independent purchase bid for Ordinary Shares on the trading venue where the
purchase is carried out. Under the Share Buyback Programme, the repurchased
shares will either be cancelled or held in treasury at the Company's
discretion for later reissue or cancellation. Shares held in treasury are not
entitled to dividends and have no voting rights at the Company's general
meetings.

The Share Buyback Programme is in accordance with Speedy's general authority
to purchase a maximum of 52,831,110 Ordinary Shares, granted by its
shareholders at the Annual General Meeting held on 9 September 2021 and the
purpose of the Share Buyback Programme is to reduce the Company's share
capital. The Share Buyback programme will be conducted within the parameters
of the Market Abuse Regulation 596/2014/EU and the Commission Delegated
Regulation 2016/1052/EU (each as in force in the UK from time to time,
including where relevant pursuant to the Market Abuse (Amendment)(EU Exit)
Regulations 2019). The Company confirms that it currently has no other
unpublished price sensitive information.

Speedy will make further regulatory announcements in respect of repurchases of
Ordinary Shares as required by the Market Abuse Regulation and the Listing
Rules of the FCA, including as to whether those shares have been cancelled or
are held in treasury.

Enquiries:

 Speedy Hire Plc                       Tel: 01942 720 000

 Russell Down, Chief Executive

 James Bunn, Chief Financial Officer

 MHP Communications                    Tel: 0203 128 8778

 Oliver Hughes

 Andrew Jaques

 

Inside Information: This announcement contains inside information.

Forward looking statements:  The information in this release is based on
management information. This report includes statements that are forward
looking in nature. Forward looking statements involve known and unknown risks,
assumptions, uncertainties and other factors which may cause the actual
results, performance or achievements of the Group to be materially different
from any future results, performance or achievements expressed or implied by
such forward looking statements. Except as required by the Listing Rules and
applicable law, the Company undertakes no obligation to update, revise or
change any forward looking statements to reflect events or developments
occurring after the date of this report.

Notes to Editors: Founded in 1977, Speedy is the UK's leading provider of
tools and equipment hire services to a wide range of customers in the
construction, infrastructure and industrial markets, as well as to local trade
and industry. The Group provides complementary support services through the
provision of training, asset management and compliance services. Speedy is
certified nationally to ISO50001, ISO9001, ISO14001, ISO17020, ISO27001 and
ISO45001. The Group operates from c.200 fixed sites across the UK and Ireland
together with a number of on-site facilities at client locations, and through
a joint venture in Kazakhstan.

 

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