For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240916:nRSP3012Ea&default-theme=true
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END MSCFIFIDALIRLIS