REG-Travis Perkins Travis Perkins plc - Satisfaction of P&H Disposal Condition, Commencement of Share Buy-Back Programme and Payment of Special Dividend

Travis PerkinsAnnouncement

21/09/2021 07:05

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   Travis Perkins (TPK)
   Travis Perkins plc - Satisfaction of P&H Disposal Condition, Commencement
   of Share Buy-Back Programme and Payment of Special Dividend

   21-Sep-2021 / 07:00 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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                               Travis Perkins plc
                    Satisfaction of P&H Disposal Condition,
                    Commencement of Share Buy-Back Programme
                        and Payment of Special Dividend

   On 20 May  2021, Travis Perkins  plc ("Travis Perkins"  or the  "Company")
   announced the disposal of its Plumbing & Heating distribution business  to
   an affiliate of H.I.G. Capital for cash consideration of £325 million (the
   "P&H Disposal") and its intention to return the proceeds of such  disposal
   to shareholders.

   Travis Perkins  is pleased  to  announce that  the  condition to  the  P&H
   Disposal has now been satisfied and completion is expected to occur on  or
   around 30 September 2021. Travis Perkins will distribute the net  proceeds
   of the P&H  Disposal to shareholders  through a combination  of a  special
   dividend and a share buyback programme.

   Travis Perkins  will  pay a  special  dividend of  approximately  £79m  in
   aggregate,  representing  35  pence  per  ordinary  share  (the   "Special
   Dividend"). The Company intends to pay the Special Dividend on 5  November
   2021 to Travis Perkins  shareholders on the register  at 6pm on 1  October
   2021. The ordinary shares will be marked ex dividend on 30 September 2021.

   The Company has a  dividend reinvestment plan ("DRIP")  in place which  is
   operated by its  registrars, Link. The  deadline for elections  ("Election
   Deadline") for the DRIP in respect of the Special Dividend is 5.30pm on 15
   October 2021. Terms and Conditions of  the DRIP, including how to make  an
   election                 are                 available                  at
    1 https://www.travisperkins-shares.com/documents-display/.  Please  note,
   DRIP elections in place  at the Election Deadline  will apply to both  the
   Special Dividend and the interim dividend of 12.0 pence per ordinary share
   which was announced by the Company on 3 August 2021.

   In addition to the  Special Dividend, Travis Perkins  will commence a  new
   non-discretionary share  buyback  programme  (the  "Buyback").  The  first
   tranche of the  Buyback (the "Initial  Programme") will be  for a  maximum
   aggregate market value  equivalent to  £100 million which  will be  bought
   back in the form of Travis Perkins ordinary shares. The Initial  Programme
   will commence on 1 October  2021 and will end on  or before 24 March  2022
   (the "Repurchase Period"). The sole purpose of the Initial Programme is to
   reduce share capital.

   Travis  Perkins  has  entered  into  non-discretionary  instructions  with
   Citigroup Global Markets Limited to  conduct the Initial Programme on  its
   behalf  and  to  make  trading  decisions  under  the  Initial   Programme
   independently of Travis Perkins.

   The Initial  Programme  will take  place  within the  limitations  of  the
   authority granted to  the Board of  Travis Perkins by  its annual  general
   meeting held on 27 April 2021 (and the commitment made in the  Explanatory
   Notes in  the Notice  of AGM),  pursuant to  which the  maximum number  of
   shares to be bought back by Travis Perkins is 22,502,592 being 10% of  the
   current issued shares.

   Any further  tranches of  the buyback  programme, which  may be  conducted
   after completion  of  the Initial  Programme,  will be  announced  in  due
   course.

    

   For further information please contact:

   Travis Perkins Powerscourt

   Matt Worster Justin Griffiths / James White
   +44 (0) 7990 088548 +44 (0) 207 2501446
    2 matt.worster@travisperkins.co.uk  3 travisperkins@powerscourt-group.com

   Heinrich Richter
   +44 (0) 7392 125417
    4 heinrich.richter2@travisperkins.co.uk

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   ISIN:           GB00BK9RKT01
   Category Code:  DIV
   TIDM:           TPK
   LEI Code:       2138001I27OUBAF22K83
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   122580
   EQS News ID:    1234747


    
   End of Announcement EQS News Service

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    5 fncls.ssp?fn=show_t_gif&application_id=1234747&application_name=news&site_id=refinitiv2

References

   Visible links
   1. https://eqs-cockpit.com/cgi-bin/fncls.ssp?fn=redirect&url=411091e25fc267c4a8a54f356be40f9b&application_id=1234747&site_id=refinitiv2&application_name=news
   2. mailto:matt.worster@travisperkins.co.uk
   3. mailto:travisperkins@powerscourt-group.com
   4. mailto:heinrich.richter2@travisperkins.co.uk


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