REG - Vesuvius plc - Share Buyback Programme

VesuviusAnnouncement

04/12/2023 07:00

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RNS Number : 4854V  Vesuvius plc  04 December 2023

 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

For immediate release

 

4 December 2023

Vesuvius plc

Launch of £50m Share Buyback Programme

 

Vesuvius plc ("Vesuvius"), a global leader in molten metal flow engineering
and technology, is pleased to announce the commencement today of a share
buyback programme of up to £50 million (the "Programme"). The Programme will
begin today, 4 December 2023, and will end no later than 4 December 2024.

 

At our recent Capital Markets event we set out our medium-term financial
targets, including a free cash flow target of at least £400 million over the
coming three years, and set our capital allocation policy, which includes
returning surplus cash to shareholders. This Programme is an initial step in
that cash return.

 

The sole purpose of the Programme is to reduce Vesuvius' share capital.  The
board of directors of Vesuvius (the "Board") has decided that the shares
purchased pursuant to the Programme will be cancelled.

 

The Programme will be conducted within the limitations of the authority
granted to the Board by its shareholders at its Annual General Meeting held on
18 May 2023, pursuant to which the maximum number of ordinary shares that can
be bought back by Vesuvius is 27,121,389 ordinary shares. The aggregate
purchase price of all ordinary shares acquired under the Programme will be no
more than £50 million (excluding stamp duty and expenses).

 

Any purchases of ordinary shares by Vesuvius in relation to the Programme will
be carried out on the open market via the London Stock Exchange and/or on
Aquis Exchange, Turquoise, CBOE Europe Limited. Any purchases will be made in
accordance with the parameters prescribed by the Market Abuse Regulation
596/2014 (as it forms part of UK law pursuant to the European Union
(Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's
Listing Rules.

 

Purchases of ordinary shares will be made by Jefferies on Vesuvius' behalf,
who shall lead manage the purchases, shall have full discretion with respect
to the execution of all purchases (including but not limited to trading
decisions concerning the timing of the purchase of the ordinary shares being
made independently of Vesuvius) and shall make all such purchases
independently of, and uninfluenced by Vesuvius.

 

Vesuvius will announce any market repurchase of ordinary shares no later than
7.30am on the business day following the calendar day on which the repurchase
occurred.

 

 For further information, please contact:
 Enquiries:
 Vesuvius plc        Rachel Stevens, Head of Investor Relations      +44 (0) 7387 545 271
 MHP Communications  Rachel Farrington, Ollie Hoare                  +44 (0) 203 128 8100

 

The person responsible for arranging the release of this announcement on
behalf of Vesuvius is Henry Knowles, General Counsel & Company Secretary.

 

About Vesuvius plc

Vesuvius is a global leader in molten metal flow engineering and technology
principally serving process industries operating in challenging high
temperature conditions.

 

We develop innovative and customised solutions, often used in extremely
demanding industrial environments, which enable our customers to make their
manufacturing processes safer, more efficient and more sustainable.  These
include flow control solutions, advanced refractories and other consumable
products and increasingly, related technical services including data capture.

 

We have a worldwide presence. We serve our customers through a network of
cost-efficient manufacturing plants located close to their own facilities, and
embed our industry experts within their operations, who are all supported by
our global technology centres.

 

Our core competitive strengths are our market and technology leadership,
strong customer relationships, well established presence in developing markets
and our global reach, all of which facilitate the expansion of our addressable
markets.

 

Our ultimate goal is to create value for our customers, and to deliver
sustainable, profitable growth for our shareholders giving a superior return
on their investment whilst providing each of our employees with a safe
workplace where they are recognised, developed and properly rewarded.

 

We think beyond today to create solutions that will shape the future.

 

Forward looking statements

This announcement contains certain forward looking statements which may
include reference to one or more of the following: the Vesuvius' and/or the
Vesuvius Group's (the "Group") financial condition, results of operations,
cash flows, dividends, financing plans, business strategies, operating
efficiencies or synergies, budgets, capital and other expenditures,
competitive positions, growth opportunities for existing products, plans and
objectives of management and other matters.

 

Statements in this announcement that are not historical facts are hereby
identified as "forward looking statements". Such forward looking statements,
including, without limitation, those relating to the future business
prospects, revenue, working capital, liquidity, capital needs, interest costs
and income, in each case relating to Vesuvius and/or the Group, wherever they
occur in this announcement, are necessarily based on assumptions reflecting
the views of Vesuvius and/or the Group and involve a number of known and
unknown risks, uncertainties and other factors that could cause actual
results, performance or achievements to differ materially from those expressed
or implied by the forward looking statements. Such forward looking statements
should, therefore, be considered in light of various important factors that
could cause actual results to differ materially from estimates or projections
contained in the forward looking statements. These include without limitation:
economic and business cycles; the terms and conditions of Vesuvius' and/or the
Group's financing arrangements; foreign currency rate fluctuations;
competition in Vesuvius' and/or the Group's principal markets; acquisitions or
disposals of businesses or assets; and trends in Vesuvius' and/or the Group's
principal industries.

 

The foregoing list of important factors is not exhaustive. When considering
forward looking statements, careful consideration should be given to the
foregoing factors and other uncertainties and events, as well as factors
described in documents that Vesuvius and/or the Group files with the UK
regulator from time to time including its annual reports and accounts.

 

You should not place undue reliance on such forward looking statements which
speak only as of the date on which they are made. Except as required by the
Rules of the UK Listing Authority and the London Stock Exchange and applicable
law, Vesuvius and/or the Group undertakes no obligation to update publicly or
revise any forward looking statements, whether as a result of new information,
future events or otherwise. In light of these risks, uncertainties and
assumptions, the forward looking events discussed in this announcement might
not occur.

 

Vesuvius plc, 165 Fleet Street, London EC4A 2AE

Registered in England and Wales No. 8217766

LEI: 213800ORZ521W585SY02

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

 

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