REG - Staffline Group PLC - Launch of Tranche 2 of the Share Buyback

StafflineAnnouncement

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RNS Number : 6581J  Staffline Group PLC  22 May 2025

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").

 

22 May 2025

 

Staffline Group plc

 

("Staffline" or the "Company")

 

Launch of Tranche 2 of the Share Buyback

 

Staffline Group plc, the recruitment group, today announces that further to
the passing of the relevant resolution at the Company's AGM on 21 May 2025,
and as per the Company's announcement regarding its Buyback on 25 February
2025, Staffline intends to commence Tranche 2 of its Buyback programme.

 

Tranche 1 of the Buyback completed on 15 April 2025 having purchased
15,517,851 Ordinary Shares for a total consideration of £4,843,094, at an
average price of 31.2p per Ordinary Share.  Tranche 2 of the Buyback will be
for up to 12,440,000 Ordinary Shares or a maximum consideration of
£2,656,906, being the balance remaining of the aggregate Buyback
consideration of £7.5 million, whichever is met first.  The Ordinary Shares
purchased pursuant to the Buyback will be cancelled.

 

Under the terms of the Buyback engagement letter entered into by the Company
and Panmure Liberum at the commencement of the Buyback, the Buyback can be
terminated by the Company in order to avoid the triggering of a mandatory
offer under Rule 9 of the Takeover Code as a result of a person's interest in
shares carrying 30% or more of the voting rights of Staffline.

 

The Buyback under Tranche 2 is subject to the same price restrictions as
Tranche 1 being a) the minimum price which may be paid for each Ordinary Share
will be £0.10, and b) 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
Buyback may not fall within the safe harbour provisions of the Regulation.

 

As part of the Buyback, Panmure 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

                                Panmure Liberum (Nomad and Broker)                                             +44 (0) 20 3100 2000
                                Nicholas How

                                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 / Anna Sutton

 

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

Staffline is one of the UK's leading Recruitment groups. It has two divisions:

 

Recruitment GB

The Recruitment GB business is a leading provider of flexible blue-collar
workers, supplying up to c.35,000 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 multiple 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 public and private sectors
throughout the island of Ireland.

 

 

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