10
April 2024
Epwin Group
Plc
("Epwin", the "Company" or
the "Group")
Extension of Share Buyback
Programme
Epwin Group Plc (AIM: EPWN), the
leading manufacturer of energy efficient and low maintenance
building products, with significant market shares, supplying the
Repair, Maintenance and Improvement ("RMI"), new build and social
housing sectors is pleased to announce its decision to extend its
existing share buyback programme originally announced on 27
November 2023 (the "Programme"). The decision to extend the
Programme follows the anticipated completion today of the
Programme's initial repurchase limit of 3 million ordinary shares
of 0.05 pence each ("Ordinary Shares"), at a total cost of £2.3
million. The Programme is today being extended to allow the Company
to repurchase up to a further 3 million Ordinary Shares from the
date of this announcement.
In order to implement the extension
of the Programme, the Company has extended its existing agreement
with Shore Capital for it to carry out on-market purchases independent of the Company on an
irrevocable and non-discretionary basis. The Programme will be
conducted within certain pre-set parameters and at all times in
accordance with the authority granted by shareholders to repurchase
the Company's Ordinary Shares at the 2023 AGM held on 23 May
2023.
Following the extension of the
Programme, it is currently envisaged that it will now end no later
than 30 September 2024 unless the Company
and Shore Capital agree otherwise (in which event an announcement
would be made). The Programme may cease before that date if the
Programme limit of 3 million ordinary shares is reached sooner, and
the continuation of the Programme after the 2024 AGM on 21 May 2024
is subject to purchases of Ordinary Shares pursuant to the
Programme remaining within the shareholder authority (if any) for
the Company to purchase its Ordinary Shares that is granted at the
2024 AGM. The Programme is intended to reduce the share capital of
the Company and as such repurchased
Ordinary Shares will be cancelled.
Shareholders should be aware that
the Programme will, insofar as is possible, continue to be
conducted in accordance with the safe harbour parameters of MAR (as
defined below); however, the Programme may on any given trading day
represent a significant proportion of the daily trading volume in
the Ordinary Shares on the London Stock Exchange and could exceed
25 per cent of the average daily trading volume. Accordingly, the
Company may not benefit from the exemption contained in 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 ("MAR").
The Programme will not prevent the Company from
making additional purchases of Ordinary Shares in accordance with
the Company's general authority to repurchase Ordinary Shares where
it considers it appropriate to do so.
Any market purchase of Ordinary
Shares pursuant to the Programme will be announced no later than
7.30am on the business day following the day on which the purchase
occurred.
This announcement contains inside information for the purposes
of Article 7 of the UK version of the Market Abuse Regulation (EU)
No.596/2014, which forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018. The Company confirms that it currently
has no other unpublished price sensitive
information.
Contact information
Epwin Group Plc
Jon Bednall, Chief
Executive
Chris Empson, Group Finance
Director
|
078 3262
3818
|
Shore Capital (Nominated Adviser and Joint
Broker)
Corporate Advisory
Daniel Bush / Iain Sexton
Corporate Broking
Fiona Conroy
Zeus Capital Limited (Joint Broker)
Dominic King / Nick
Searle
|
0207 408 4090
0203 829
5000
|
MHP
Communications
Reg Hoare / Charlie Barker / Finn
Taylor
|
078 3262
3818
epwin@mhpgroup.com
|
About Epwin
Epwin is the leading manufacturer of
energy efficient and low maintenance building products, with
significant market shares, supplying the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors.
The Company is incorporated,
domiciled and operates principally in the United
Kingdom.
Information for investors can be
accessed
www.epwin.co.uk/investors/