REG - Staffline Group PLC - Launch of Share Buy-back

StafflineAnnouncement

04/10/2023 07:15

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RNS Number : 5846O  Staffline Group PLC  04 October 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY
VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

 

 

4 October 2023

 

Staffline Group plc

("Staffline" or the "Company")

 

Launch of Share Buy-back

Staffline Group plc, the recruitment and training group, today announces its
intention to make a series of share repurchases of up to an aggregate of
3,904,598 ordinary shares in the Company (the "Share Buy-back"), being the
balance of the unutilised shareholder authority following the previous share
buyback launched in August 2023.

 

The Group remains disciplined in its allocation of capital with the main
objective being to enhance shareholder value.  We continuously assess our
medium-term plans which take account of growth prospects, investment in the
Republic of Ireland network, cash generation, net borrowings, and leverage.
Therefore, the amount allocated to buybacks is based on our predicted trading
cash flows and financing headroom.

 

Accordingly, the Company today announces the launch of the Share Buy-back, to
repurchase up to 3,904,598 ordinary shares in the capital of the Company (the
"Ordinary Shares"). The Ordinary Shares purchased pursuant to the Share
Buy-back will be cancelled.

 

The Share Buy-back will be operated in accordance with the terms of the
Company's general authority to repurchase Ordinary Shares granted by
shareholders at its annual general meeting (the "AGM"), held on 12 June 2023.

 

In accordance with the authority granted at the AGM, a) the aggregate number
of Ordinary Shares to be repurchased will not exceed 3,904,598, b) the minimum
price which may be paid for each Ordinary Share will be £0.10, and c) the
maximum price (excluding expenses) which may be paid for each Ordinary Share
will be the higher of: (i) an amount equal to 105 per cent of the average of
the middle market quotations for the Ordinary Shares as derived from the AIM
Appendix of the Daily Official List of London Stock Exchange plc for the five
business days immediately preceding the day on which the purchase is made; and
(ii) an amount equal to the higher of the price of the last independent trade
of an Ordinary Share and the highest current independent bid for an Ordinary
Share on the trading venue where the purchase is carried out.

 

Shareholders should be aware that a purchase of Ordinary Shares by the Company
on any trading day may represent a significant proportion of the daily trading
volume in the Ordinary Shares and could exceed 25 per cent. of the average
daily trading volume of the preceding 20 business days. Should that be the
case, the Company could exceed the pricing and/or volume restrictions as
established by the Commission Delegated Regulation 2016/1052/EU (as in force
in the UK and as amended by the FCA's Technical Standards (Market Abuse
Regulation) (EU Exit) Instrument 2019) (the "Regulation") and therefore the
Share Buy-back may not fall within the safe harbour provisions of the
Regulation.

 

As part of the Share Buy-back, Liberum has been appointed to purchase the
Ordinary Shares as principal.

 

For further information, please contact:

 

 Staffline Group plc                                                via Vigo Consulting

 www.stafflinegroupplc.co.uk (http://www.stafflinegroupplc.co.uk)

 Albert Ellis, Chief Executive Officer

 Daniel Quint, Chief Financial Officer

 Liberum (Nominated Adviser and Broker)                             020 3100 2222

 www.liberum.com (http://www.liberum.com/)

 Richard Lindley / Satbir Kler

 Zeus (Joint Broker)                                                020 3829 5000

 www.zeuscapital.co.uk (http://www.zeuscapital.co.uk)

 David Foreman (Investment Banking)

 Nick Searle (Sales)

 Vigo Consulting (Financial PR)                                     020 7390 0230

 www.vigoconsulting.com (http://www.vigoconsulting.com)             Staffline@vigoconsulting.com

 Jeremy Garcia / Kate Kilgallen

 

Market Abuse Regulation:

 

For the purposes of MAR, Article 2 of Commission Implementing Regulation (EU)
2016/1055 and the UK version of such implementing regulation, the person
responsible for arranging for the release of this Announcement on behalf of
the Company is Daniel Quint, Chief Financial Officer.

 

About Staffline

 

About Staffline - Recruitment, Training and Support

Enabling the Future of Work™

Staffline is the UK's market leading Recruitment and Training group. It has
three divisions:

 

Recruitment GB

Staffline is a leading provider of flexible blue-collar workers, supplying
c.31,000 staff per day on average from around 400 sites, across a wide range
of industries including supermarkets, drinks, driving, food processing,
logistics and manufacturing.

 

Recruitment Ireland

The Recruitment Ireland business is a leading end to end solutions provider
operating across twenty industries, ten branch locations and ten onsite
customer locations, supplying c.4,500 staff per day on average, and offering
RPO, MSP, temporary and permanent solutions across the island of Ireland.

 

PeoplePlus Division

Staffline is the leading adult skills and training provider in the UK,
delivering adult education, prison education and skills-based employability
programmes across the country.

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