6 February 2024
Supreme
plc
("Supreme" or the
"Company" or the
"Group")
Commencement of Share Buyback Programme
Further to its announcement of 29 January 2024,
Supreme PLC (AIM: SUP), a leading manufacturer, supplier, and brand
owner of fast-moving consumer goods, announces the commencement of
an up to £1.0 million share buyback programme ("Share Buyback") of ordinary shares of £0.10
each in the capital of the Company ("Shares").
The Board considers that the Group's strong
balance sheet and cash generation provides an opportunity to
repurchase shares at attractive levels, taking advantage of current
market conditions. This initiative reflects the Board's
confidence in the Group's future value and dedication to enhancing
shareholder returns, alongside its continued investment in the
Group's strategy. There will be no change to the Company's existing
dividend policy.
In order to implement the Share Buyback, the
Company has entered into an agreement with its broker, Shore
Capital, on the following basis:
· the
agreement enables Shore Capital to carry out on-market purchases of
Shares independent of the Company and on an irrevocable and
discretionary basis;
· the
Share Buyback will be executed within certain pre-set parameters
and in accordance with the authorities granted by the Company's
shareholders at the annual general meeting held on 26 September
2023;
· the
Share Buyback will commence today, 6 February 2024 and is expected
to complete no later than 30 April 2024. Any extension to this
period will require the agreement of the Company and Shore Capital,
and would be subject to a further announcement; and
· any
Shares purchased as part of the Share Buyback will be cancelled,
and will therefore reduce the issued share capital of the Company
accordingly.
Shareholders should be aware that the Share
Buyback will, insofar as is possible, be conducted in accordance
with the safe harbour parameters of MAR (as defined below);
however, the Share Buyback may on any given trading day represent a
significant proportion of the daily trading volume in the Ordinary
Shares on the London Stock Exchange and could exceed 25 per cent of
the average daily trading volume. Accordingly, the Company may not
benefit from the exemption contained in 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 ("MAR"). The Share Buyback
will not prevent the Company from making additional purchases of
Shares in accordance with the Company's general authority to
repurchase shares where it considers appropriate to do
so.
Any market purchase of Shares pursuant to the
Share Buyback will be announced no later than 7.30am on the
business day following the day on which the purchase
occurred.
Enquiries:
Supreme plc
Sandy Chadha, Chief Executive
Officer
Suzanne Smith, Chief Finance
Officer
|
via Vigo Consulting
|
Shore Capital (Nominated
Adviser and Joint Broker)
Mark Percy / David Coaten / Rachel
Goldstein - Corporate Advisory
Ben Canning - Corporate
Broking
|
+44 (0)20 7408 4090
|
Zeus (Joint
Broker)
Jordan Warburton / Alex
Campbell-Harris - Investment Banking
Benjamin Robertson - Corporate
Broking
|
+44 (0)161 831 1512
|
Vigo Consulting (Financial
Public Relations)
Jeremy Garcia / Kendall
Hill
supreme@vigoconsulting.com
|
+44 (0)20 7390 0230
|
About
Supreme
Supreme supplies products across
five categories; Batteries, Lighting, Vaping, Sports Nutrition and
Wellness, and Branded Distribution. The Company's capabilities span
from product development and manufacturing through to its extensive
retail distribution network and direct to consumer capabilities.
This vertically integrated platform provides an excellent route to
market for well-known brands and products.
The Group has over 3,300 active
business accounts with retail customers who manage over 10,000
branded retail outlets. Customers include B&M, Home Bargains,
Poundland, Tesco, Sainsburys, Morrisons, Amazon, The Range,
Costcutter, Asda, Halfords, Iceland and HM Prison & Probation
Service.
In addition to distributing
globally-recognised brands such as Duracell, Energizer and
Panasonic, and supplying lighting products exclusively under the
Energizer, Eveready, Black & Decker and JCB licences across 45
countries, Supreme has also developed brands in-house, most notably
88Vape and has a growing footprint in Sports Nutrition and Wellness
via its principal brands Sci-MX and Battle Bites.
https://investors.supreme.co.uk/