REG - Eurocell plc - Further extension of Share Buyback Programme

EurocellAnnouncement

04/09/2024 07:00

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RNS Number : 7814C  Eurocell plc  04 September 2024

4 September 2024

 

EUROCELL PLC

("Eurocell" or the "Group")

 

Further extension 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 further extension to the buyback
programme launched on 23 January 2024 and as extended on 16 May 2024. The
buyback shall be in respect of the Company's ordinary shares of £0.001 each
("Ordinary Shares") up to a maximum consideration of £5 million from the date
of this announcement (the "Buyback").

 

As referenced in today's Half Year Report, the Board is focused on enhancing
shareholder returns through a combination of a progressive ordinary dividend
and supplementary distributions (currently via share buybacks), 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 a non-discretionary instruction to Joh.
Berenberg, Gossler & Co. KG  ("Berenberg") in relation to the Buyback,
which will commence on 4 September 2024. Berenberg 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 £5 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 700,000 Ordinary Shares that are repurchased will be held in treasury to
satisfy employee share awards 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 16 May 2024 to repurchase a maximum of
10,969,731 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 2024 AGM can be found on our website
under: https://investors.eurocell.co.uk/investors/agm/
(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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