M. P. Evans Group PLC Share buyback programme (6157C)
14 Junho 2023 - 3:00AM
UK Regulatory
TIDMMPE
RNS Number : 6157C
M. P. Evans Group PLC
14 June 2023
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 intends to commence a share buyback programme of
GBP2 million (the "Programme") from the date of this announcement.
All shares acquired under the Programme will be cancelled.
The Board continues to believe that the current share price
undervalues the Group's assets, the performance of the business to
date and its future prospects. The Group's robust balance sheet
provides the opportunity to take advantage of prevailing market
conditions to repurchase shares at advantageous levels that will be
earnings enhancing.
The Group is undertaking this Programme as part of a disciplined
approach to capital allocation, which includes continuing
investment across its estates, the ongoing pursuit of strategic
acquisition opportunities and payment of dividends at an increased
level. The Board sees a case for buybacks being economically
attractive since the Group's shares are currently trading below the
share price implied by the independent valuation of its assets.
The Programme will operate under the authority granted to the
Group by shareholders at the Group's most recent Annual General
Meeting, held on 9 June 2023, and within the regulatory limit on
the quantity of shares the Group may purchase on any single day.
The Programme will be undertaken using a phased approach and have
an initial duration of up to 3 calendar months.
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, MP Evans has entered into
an agreement with Peel Hunt LLP 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.
14 June 2023
Enquiries:
M.P. Evans Group PLC Telephone: 01892 516333
Peter Hadsley-Chaplin - chairman
Matthew Coulson - chief executive
Luke Shaw - chief financial
officer
Peel Hunt LLP (Nomad and joint Telephone: 020 7418 8900
broker)
Adrian Trimmings, Andrew Clark,
Lalit Bose
finnCap (Joint broker) Telephone: 020 7220 0500
Tim Redfern, Harriet Ward
Hudson Sandler (Financial PR) Telephone: 020 7796 4133
Charlie Jack, Amelia Craddock,
Francis Kerrigan
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END
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June 14, 2023 02:00 ET (06:00 GMT)
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