M. P. Evans Group PLC Share buyback extension (9943L)
11 Septembre 2023 - 8:29AM
UK Regulatory
TIDMMPE
RNS Number : 9943L
M. P. Evans Group PLC
11 September 2023
M.P. EVANS GROUP PLC
("Group" or "M.P. Evans")
Extension of share buyback programme
The board of directors of M.P. Evans ("Board") is pleased to
announce its decision to extend the share buyback programme (the
"Programme"), originally due to expire on 14 September 2023, up to
14 December 2023 and to increase the budget for the Programme by a
further GBP2 million. All shares acquired under the Programme will
be cancelled.
Since commencing the Programme the Group has purchased 188,080
shares at an average price of GBP7.24 per share and the total cost
to date of the shares purchased is GBP1.4 million out of the
existing GBP2 million budget. All shares acquired under the
Programme have been cancelled.
The Board continues to believe the current share price
undervalues the Group's assets, the performance of the business to
date and its future prospects. The Group's robust balance sheet
provides the opportunity to take advantage of prevailing market
conditions to repurchase shares at advantageous levels that will
enhance earnings.
The Group is undertaking this Programme as part of a disciplined
approach to capital allocation, which includes continuing
investment across its estates, the ongoing pursuit of strategic
acquisition opportunities and payment of dividends at an increased
level. The Board sees a case for buybacks being economically
attractive since the Group's shares are currently trading below the
share price implied by the independent valuation of its assets.
The Programme will operate under the authority granted to the
Group by shareholders at the Group's most recent Annual General
Meeting, held on 9 June 2023, and within the regulatory limit on
the quantity of shares the Group may purchase on any single day.
The board will continue to keep the Programme under review and will
make a decision in due course on whether to further extend either
its budget or duration.
As previously notified MP Evans has entered into an agreement
with Peel Hunt LLP for them independently to carry out on-market
purchases of its 10p shares to give effect to the Programme. The
Programme will continue to be conducted in compliance with Article
5(1)(b) of the UK version of Regulation (EU) No. 596/2014 which is
part of UK law by virtue of the European Union (Withdrawal) Act
2018 and the delegated regulations made pursuant to it.
11 September 2023
Enquiries:
M.P. Evans Group PLC Telephone: 01892 516333
Peter Hadsley-Chaplin - chairman
Matthew Coulson - chief executive
Luke Shaw - chief financial
officer
Peel Hunt LLP (Nomad and joint Telephone: 020 7418 8900
broker)
Adrian Trimmings, Andrew Clark,
Lalit Bose
finnCap (Joint broker) Telephone: 020 7220 0500
Tim Redfern, Harriet Ward
Hudson Sandler (Financial PR) Telephone: 020 7796 4133
Charlie Jack, Charlotte Cobb,
Francis Kerrigan
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END
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