MITIE Group PLC Update on Share Buyback Programme (6906P)
11 Octubre 2023 - 1:00AM
UK Regulatory
TIDMMTO
RNS Number : 6906P
MITIE Group PLC
11 October 2023
11 October 2023
Mitie Group plc: Update on Share Buyback Programme
First GBP25m tranche of GBP50m share buyback programme
completed
Second GBP25m tranche launched today
Mitie Group plc ("Mitie" or "the Group") (LSE: MTO), the UK's
leading facilities management company, announces that it has
completed the first GBP25m tranche (the "First Tranche") of the
GBP50m Share Buyback Programme, announced on 18 April 2023.
Over the duration of the First Tranche, the Group purchased 26.2
m Ordinary Shares of 2.5p each (the "Ordinary Shares") at an
average price of 96 p. Of the 26.2 m shares purchased, which
represent 2% of the Group's issued share capital, 4.9m have been
cancelled and 21.3m have been retained in treasury in order to
satisfy the 2020 SAYE scheme, which vests in December 2023.
The Group also announces that the second tranche (the "Second
Tranche") of the Share Buyback Programme, with a maximum
consideration of GBP25m, will commence from the date of this
announcement.
As set out in the announcement of 18 April 2023, 30m shares are
required in total to satisfy the 2020 SAYE scheme. The Group
intends to retain 8.7 m Ordinary Shares purchased in the Second
Tranche as treasury shares, with the remainder to be cancelled.
The Second Tranche of the Share Buyback Programme will be
carried out through an irrevocable non-discretionary agreement with
Peel Hunt LLP ("Peel Hunt") in relation to the purchase by Peel
Hunt, acting as principal for the period commencing on 10 October
2023 and ending no later than 31 March 2024, of Ordinary Shares in
the share capital of Mitie ("Shares"), for an aggregate
consideration of no greater than GBP25m, and the simultaneous
on-sale of such Shares by Peel Hunt to Mitie. Peel Hunt will make
its trading decisions concerning the timing of the purchases of
Mitie's Ordinary Shares independently of, and uninfluenced by, the
Group.
The Share Buyback Programme will be conducted within certain
pre-set parameters, and in accordance with the general authority to
repurchase shares granted by Mitie's shareholders at the 2023
Annual General Meeting, Chapter 12 of the UK Listing Rules and the
provisions of the Market Abuse Regulation 596/2014/EU dealing with
buyback programmes.
Mitie will announce any market repurchase of Ordinary Shares no
later than 7.30 a.m. on the business day following the calendar day
on which the repurchase occurred.
- END -
For further information
Kate Heseltine M: +44 (0)738 443 E: kate.heseltine@mitie.com
Group IR Director 9112
Claire Lovegrove M: +44 (0)790 027 E: claire.lovegrove@mitie.com
Director of Corporate 6400
Affairs
Richard Mountain M: +44 (0)790 968
FTI Consulting 4466
About Mitie
Founded in 1987, Mitie's job is to look after places where
Britain works, and it is the leading facilities management company
in the UK. We offer a range of services to the public sector
through our Central Government & Defence and Communities
(Healthcare, Education, Campus & Critical and Care &
Custody) divisions. Our Technical Services (Engineering Services,
Energy, Water and Real Estate Services) and Business Services
(Security, Cleaning, Landscapes, Spain and Waste) divisions serve
private sector customers in areas such as Financial &
Professional Services, Industrials, Retail and Transport, and
increasingly the public sector.
Mitie employs 64,000 people. We take care of our customers'
people and buildings, through the 'Science of Service', and we are
transforming facilities to be more flexible, safe, sustainable, and
attractive to all. Mitie continues to execute its technology-led
strategy and in the past twelve months has received multiple awards
and validation for its ambitious near and long-term science-based
emissions reduction targets from the Science Based Targets
initiative (SBTi). Find out more at www.mitie.com .
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