REG - M. P. Evans Group - Share buyback programme

M P EvansAnnouncement

18/06/2024 07:00

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RNS Number : 7638S  M. P. Evans Group PLC  18 June 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 that it
will commence a new share buyback programme (the "Programme") from the date of
this announcement. The Programme will have a budget of £2 million and will
expire on 14 September 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.

18 June 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, Charlotte Cobb, Francis Kerrigan

 

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