REG-Vesuvius Plc: Share Buyback Programme

VesuviusAnnouncement

19/11/2024 07:15

 

 

19 November 2024

 

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 further
share buyback programme of up to £50 million (the "Programme"). The Programme
will begin today, and will end no later than 23 July 2025, albeit it is
targeted to be completed by late May 2025, subject to regulatory limits and
market conditions.

 

The Programme is a continuation of the fulfilment of Vesuvius' commitment to
return surplus cash to shareholders, following the successful completion of
its initial £50m Share Buyback Programme at the end of August.

 

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
15 May 2024, pursuant to which the maximum number of ordinary shares that can
be bought back by Vesuvius is 26,809,383 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 in relation to the Programme will be carried
out on the open market via the London Stock Exchange and/or on Aquis Exchange,
Turquoise or 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 domestic law) and UKLR9.6 of the Financial Conduct
Authority's Listing Rules.

 

Purchases of ordinary shares will be made by J.P. Morgan Securities plc ("JPMS
plc") 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. JPMS plc may
undertake transactions in Shares (which may include sales and hedging
activities, in addition to purchases which may take place on any available
trading venue or on an over the counter basis) during the Engagement Period in
order to manage its market exposure under the Programme. Disclosure of such
transactions will not be made by JPMS plc as a result of or as part of the
Programme, but JPMS plc will continue to make any disclosures it is otherwise
legally required to make.

 

Any market repurchase of ordinary shares will be announced 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         
                                                                                                  

 

 

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



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