Eurocell plc Launch of Share Buyback Programme (5275A)
23 Janvier 2024 - 8:00AM
UK Regulatory
TIDMECEL
RNS Number : 5275A
Eurocell plc
23 January 2024
23 January 2024
EUROCELL PLC
("Eurocell" or the "Group")
Launch of Share Buyback Programme
Eurocell plc, the market leading, vertically integrated UK
manufacturer, recycler and distributor of innovative window, door
and roofline PVC products, today announced that it intends to
commence a new share buyback programme in respect of its ordinary
shares of GBP0.001 each ("Ordinary Shares") up to a maximum
consideration of GBP5 million from the date of this announcement
(the "Buyback").
As referenced in today's Year End Trading Update, the Board is
focused on enhancing shareholder returns and recognises the
importance of our ordinary dividend. We will also periodically
consider supplementary distributions, whilst always seeking to
maintain a strong financial position. The Buyback will reduce the
share capital of the Company and enhance earnings per share.
Details of the Share Buyback Programme
Eurocell has given irrevocable and non-discretionary
instructions to Peel Hunt LLP ("Peel Hunt") in relation to the
Buyback, which will commence on 23 January 2024. Peel Hunt will act
as principal during the Buyback and will make trading decisions
concerning the timing of the purchases of Ordinary Shares
independently of the Company.
The maximum amount allocated to the Buyback is GBP5 million. 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. The first 642,000 Ordinary Shares that are
repurchased will be held in treasury to satisfy employee share
options over the next two years whilst any further Ordinary Shares
that are repurchased will be cancelled.
Any purchases of Ordinary Shares contemplated by this
announcement will be effected within certain pre-set parameters.
These arrangements are in accordance with the authorities granted
by the Company's shareholders at its annual general meeting held on
11 May 2023 to repurchase a maximum of 11,209,518 Ordinary
Shares.
The maximum price payable for an Ordinary Share will be the
lower of (a) 105% of the average of the middle market quotation for
Ordinary Shares as derived from the Daily Official List of London
Stock Exchange plc for the five business days before the date on
which the purchase is made and (b) an amount equal to the higher of
the last independent trade and highest current independent purchase
bid.
Due to the limited liquidity in the Ordinary Shares, the Buyback
may on any given trading day exceed 25 per cent but remain below 50
per cent of the average daily trading volume.
The arrangements relating to the maximum price and volume
parameters are in accordance with 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. The limited liquidity of the Company allows
for Market Abuse Regulations 1 Annex 1.1.9.3(b) Provision of the
Buy-back and Stabilisation Regulation relating to buy-back
programmes to warrant the exemptions specified.
Details of the authority granted at the 2023 AGM can be found on
our website under:
https://investors.eurocell.co.uk/investors/agm/
This announcement contains inside information for the purposes
of the Market Abuse Regulation (EU) no. 596/2014 (including as it
forms part of the laws of England and Wales by virtue of the
European Union (Withdrawal) Act 2018) ('MAR').
Enquiries:
Eurocell plc
Darren Waters, Chief Executive Officer +44 (0) 1773 842 105
Michael Scott, Chief Financial Officer +44 (0) 1773 842 140
Teneo
Nick de Bunsen +44 (0) 7825 575 258
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END
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