REG - Supreme PLC - Commencement of Share Buyback Programme

SupremeAnnouncement

06/02/2024 07:00

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RNS Number : 0960C  Supreme PLC  06 February 2024

6 February 2024

Supreme plc

("Supreme" or the "Company" or the "Group")

 

Commencement of Share Buyback Programme

 

Further to its announcement of 29 January 2024, Supreme PLC (AIM: SUP), a
leading manufacturer, supplier, and brand owner of fast-moving consumer goods,
announces the commencement of an up to £1.0 million share buyback programme
("Share Buyback") of ordinary shares of £0.10 each in the capital of the
Company ("Shares").

 

The Board considers that the Group's strong balance sheet and cash generation
provides an opportunity to repurchase shares at attractive levels, taking
advantage of current market conditions.  This initiative reflects the Board's
confidence in the Group's future value and dedication to enhancing shareholder
returns, alongside its continued investment in the Group's strategy. There
will be no change to the Company's existing dividend policy.

 

In order to implement the Share Buyback, the Company has entered into an
agreement with its broker, Shore Capital, on the following basis:

 

·    the agreement enables Shore Capital to carry out on-market purchases
of Shares independent of the Company and on an irrevocable and discretionary
basis;

 

·    the Share Buyback will be executed within certain pre-set parameters
and in accordance with the authorities granted by the Company's shareholders
at the annual general meeting held on 26 September 2023;

 

·    the Share Buyback will commence today, 6 February 2024 and is
expected to complete no later than 30 April 2024. Any extension to this period
will require the agreement of the Company and Shore Capital, and would be
subject to a further announcement; and

 

·    any Shares purchased as part of the Share Buyback will be cancelled,
and will therefore reduce the issued share capital of the Company accordingly.

 

Shareholders should be aware that the Share Buyback will, insofar as is
possible, be conducted in accordance with the safe harbour parameters of MAR
(as defined below); however, the Share Buyback may on any given trading day
represent a significant proportion of the daily trading volume in the Ordinary
Shares on the London Stock Exchange and could exceed 25 per cent of the
average daily trading volume. Accordingly, the Company may not benefit from
the exemption contained in Article 5(1) in the UK version of the Market Abuse
Regulations (Regulation (EU) No 596/2014) as incorporated into UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). The Share
Buyback will not prevent the Company from making additional purchases of
Shares in accordance with the Company's general authority to repurchase shares
where it considers appropriate to do so.

 

Any market purchase of Shares pursuant to the Share Buyback will be announced
no later than 7.30am on the business day following the day on which the
purchase occurred.

 

 

Enquiries:

 

 Supreme plc                                                         via Vigo Consulting

 Sandy Chadha, Chief Executive Officer

 Suzanne Smith, Chief Finance Officer

 Shore Capital (Nominated Adviser and Joint Broker)                  +44 (0)20 7408 4090

 Mark Percy / David Coaten / Rachel Goldstein - Corporate Advisory

 Ben Canning - Corporate Broking

 Zeus (Joint Broker)                                                 +44 (0)161 831 1512

 Jordan Warburton / Alex Campbell-Harris - Investment Banking

 Benjamin Robertson - Corporate Broking

 Vigo Consulting (Financial Public Relations)                        +44 (0)20 7390 0230

 Jeremy Garcia / Kendall Hill

 supreme@vigoconsulting.com

 

About Supreme

 

Supreme supplies products across five categories; Batteries, Lighting, Vaping,
Sports Nutrition and Wellness, and Branded Distribution. The Company's
capabilities span from product development and manufacturing through to its
extensive retail distribution network and direct to consumer capabilities.
This vertically integrated platform provides an excellent route to market for
well-known brands and products.

 

The Group has over 3,300 active business accounts with retail customers who
manage over 10,000 branded retail outlets. Customers include B&M, Home
Bargains, Poundland, Tesco, Sainsburys, Morrisons, Amazon, The Range,
Costcutter, Asda, Halfords, Iceland and HM Prison & Probation Service.

 

In addition to distributing globally-recognised brands such as Duracell,
Energizer and Panasonic, and supplying lighting products exclusively under the
Energizer, Eveready, Black & Decker and JCB licences across 45 countries,
Supreme has also developed brands in-house, most notably 88Vape and has a
growing footprint in Sports Nutrition and Wellness via its principal brands
Sci-MX and Battle Bites.

 

https://investors.supreme.co.uk/
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