REG - Speedy Hire PLC - Update on Share Buyback Programme

Speedy HireAnnouncement

09/09/2022 14:00

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RNS Number : 9805Y  Speedy Hire PLC  09 September 2022

Speedy Hire Plc

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

  9 September 2022

Update on Share Buyback Programme

Speedy, the UK's leading provider of tools and equipment hire, and services to
the construction, infrastructure and industrial markets, today gives an update
on its £30 million share buyback programme.  Since the announcement of the
share buyback programme on 27 January 2022, Speedy has repurchased 36,197,678
ordinary shares, at a total cost of £17.6 million (excluding expenses).

As announced yesterday, shareholders granted the Board a renewed general
authority at Speedy's Annual General Meeting ("AGM") to make market purchases
of ordinary shares. In light of this shareholder support, and the announced
intention of the Board to continue the share buyback programme for the balance
of the £30 million, the Board has resolved to continue the share buyback
programme on that basis under the new general authority.

Speedy has entered into variation letters with Liberum Capital Limited
("Liberum") and Panmure Gordon (UK) Limited ("Panmure Gordon") to continue the
buyback programme until no later than 30 September 2023 ("Extended Share
Buyback Programme").  The Extended Share Buyback Programme is in accordance
with Speedy's general authority to purchase a maximum of 50,613,543 ordinary
shares granted at the AGM.

The purpose of the Extended Share Buyback Programme is to reduce the Company's
share capital. The Extended 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). Other than the extension of the period for which the
Extended Share Buyback Programme will now run, no other changes have been made
to the terms of the programme. The Company confirms that it currently has no
unpublished price sensitive information.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 8147

 Oliver Hughes

 Andrew Jaques

 

 

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 and selected B&Q
stores 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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