M. P. Evans Group PLC Extension of share buyback
16 Septiembre 2024 - 2:05AM
RNS Regulatory News
RNS Number : 3012E
M. P. Evans Group PLC
16 September 2024
M.P. EVANS GROUP
PLC
("Group"
or "M.P. Evans")
Share buyback
programme
The board of directors of M.P. Evans
("Board") is pleased to announce its decision to extend its share
buyback programme (the "Programme") which expired on 14 September
2024. The extended Programme will have a budget of £2 million and
will run from the date of this announement and will expire on 16
December 2024. All shares acquired under the Programme will be
cancelled.
The Board maintains the view that
its overall business and its assets are currently undervalued, with
the current enterprise value being below the independent valuation
of its assets.
The Group's robust balance sheet
continues to provide the opportunity to repurchase shares at
advantageous levels that will be earnings enhancing.
The Programme will operate under the
authority granted to the Group by shareholders at the Group's most
recent Annual General Meeting, held on 14 June 2024. The quantity
of shares that the Group may purchase on any single day will be
within the regulatory limit and will be limited to 25% of the
average daily volume that is traded in the ordinary shares of M.P.
Evans over the previous 20 trading days on a rolling
basis.
The Board will keep the Programme
under review and will make a decision in due course on whether to
extend it.
In order to implement the Programme,
M.P. Evans has entered into an agreement with Cavendish Capital
Markets Limited for them independently to carry out on-market
purchases of its 10p shares. The Programme will 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.
16 September 2024
Enquiries:
M.P. Evans Group PLC
|
Telephone: +44 (0) 1892
516333
|
Peter Hadsley-Chaplin,
chairman
Matthew Coulson, chief executive
Luke Shaw, chief financial officer
Cavendish Capital Markets (Nomad and
broker)
|
Telephone: +44 (0) 20 7220
0500
|
Matt Goode, George Lawson (Corporate
Finance)
Tim Redfern, Harriet Ward
(ECM)
Hudson Sandler (Financial
PR)
|
Telephone: +44 (0) 20 7796
4133
|
Charlie Jack, Francis Kerrigan,
Francesca Rosser
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END
MSCFIFIDALIRLIS
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