M. P. Evans Group PLC Sharebuyback extension
March 19 2024 - 3:24AM
RNS Regulatory News
RNS Number : 3925H
M. P. Evans Group PLC
19 March 2024
M.P. Evans Group
plc
("M.P.
Evans")
Share buyback
programme
The board of directors of M.P. Evans
("Board") is pleased to
announce its decision to extend the share buyback programme
("Programme"). The
Programme will have a budget of £2 million from the date of this
announcement and will expire on 14 June 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 9 June 2023. 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.
19 March 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 Limited (Nominated Advisor and Sole
Broker)
|
Telephone: +44 (0)20 7220 0500
|
Matt Goode, George Lawson, Rory Sale
- Corporate Finance
Tim Redfern, Harriet Ward - Equity
Capital Markets
|
|
Hudson Sandler (Financial PR)
|
Telephone: +44 (0)20 7796 4133
|
Charlie Jack, Charlotte Cobb,
Francis Kerrigan
|
|
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END
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