Smith & Nephew Plc Transaction in Own Shares (4513C)
February 22 2022 - 7:30AM
UK Regulatory
TIDMSN.
RNS Number : 4513C
Smith & Nephew Plc
22 February 2022
22 February 2022
Share Buyback Programme
Smith+Nephew (LSE:SN, NYSE:SNN), the global medical technology
business, today provides the following update in relation to the
share buyback programme announced on 16 December 2021.
Smith+Nephew has entered into a non-discretionary agreement with
Merrill Lynch International in relation to the latter's purchase,
acting as riskless principal, of the Company's ordinary shares of
USD $0.20 each for an aggregate price of up to USD $125 million as
part of the first tranche of the Programme.
Shares acquired by Merrill Lynch International will be
subsequently repurchased by Smith+Nephew, held as treasury shares
and then cancelled. The first tranche of the Programme will
commence on 23 February 2022 and will end no later than 27 June
2022. The purpose of the Programme is to reduce the issued share
capital of Smith+Nephew by returning surplus capital to
shareholders.
Any purchase of shares contemplated by this announcement will be
carried out on Recognised Investment Exchanges (1) and will be
effected with certain pre-set parameters. Smith+Nephew's
shareholders generally authorised it to purchase up to a maximum of
87,714,311 ordinary shares at its 2021 Annual General Meeting held
on 14 April 2021 , subject to certain limitations (the "General
Authority"). That authority expires on 13 April 2022, the date of
the 2022 Annual General Meeting of the Company, when the Company's
shareholders will be asked to authorise another such general
authority (being, if approved, also a "General Authority"). The
aggregate number of ordinary shares acquired by the Company
pursuant to the Programme shall not exceed the maximum number of
ordinary shares which the Company is authorised to purchase
pursuant to a relevant General Authority.
The Programme will be executed in accordance with (and subject
to the existence of and/or the limits prescribed by) a relevant
General Authority; and will be conducted within the parameters
prescribed by the Market Abuse Regulation 596/2014/EU as it forms
part of domestic law by virtue of section 3 of the European Union
(Withdrawal) Act 2018 (as amended) and Chapter 12 of the Financial
Conduct Authority's Listing Rules. No repurchases will be made in
respect of the Company's American Depositary Receipts.
[ (1) ] includes the London Stock Exchange and Cboe Europe
Limited
Enquiries:
Investors
Andrew Swift
Smith+Nephew +44 (0) 1923 477433
Media
Charles Reynolds
Smith+Nephew +44 (0) 1923 477314
About Smith+Nephew
Smith+Nephew is a portfolio medical technology business focused
on the repair, regeneration and replacement of soft and hard
tissue. We exist to restore people's bodies and their self-belief
by using technology to take the limits off living. We call this
purpose 'Life Unlimited'. Our 18,000 employees deliver this mission
every day, making a difference to patients' lives through the
excellence of our product portfolio, and the invention and
application of new technologies across our three global franchises
of Orthopaedics, Sports Medicine & ENT and Advanced Wound
Management.
Founded in Hull, UK, in 1856, we now operate in more than 100
countries, and generated annual sales of $5.2 billion in 2021.
Smith+Nephew is a constituent of the FTSE100 (LSE:SN, NYSE:SNN).
The terms 'Group' and 'Smith+Nephew' are used to refer to Smith
& Nephew plc and its consolidated subsidiaries, unless the
context requires otherwise.
For more information about Smith+Nephew, please visit
www.smith-nephew.com and follow us on Twitter , LinkedIn ,
Instagram or Facebook .
Forward-looking Statements
This document may contain forward-looking statements that may or
may not prove accurate. For example, statements regarding expected
revenue growth and trading margins, market trends and our product
pipeline are forward-looking statements. Phrases such as "aim",
"plan", "intend", "anticipate", "well-placed", "believe",
"estimate", "expect", "target", "consider" and similar expressions
are generally intended to identify forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties and other important factors that could cause actual
results to differ materially from what is expressed or implied by
the statements. For Smith+Nephew, these factors include: risks
related to the impact of COVID, such as the depth and longevity of
its impact, government actions and other restrictive measures taken
in response, material delays and cancellations of elective
procedures, reduced procedure capacity at medical facilities,
restricted access for sales representatives to medical facilities,
or our ability to execute business continuity plans as a result of
COVID; economic and financial conditions in the markets we serve,
especially those affecting healthcare providers, payers and
customers (including, without limitation, as a result of COVID);
price levels for established and innovative medical devices;
developments in medical technology; regulatory approvals,
reimbursement decisions or other government actions; product
defects or recalls or other problems with quality management
systems or failure to comply with related regulations; litigation
relating to patent or other claims; legal compliance risks and
related investigative, remedial or enforcement actions; disruption
to our supply chain or operations or those of our suppliers
(including, without limitation, as a result of COVID); competition
for qualified personnel; strategic actions, including acquisitions
and dispositions, our success in performing due diligence, valuing
and integrating acquired businesses; disruption that may result
from transactions or other changes we make in our business plans or
organisation to adapt to market developments; relationships with
healthcare professionals; reliance on information technology and
cyber security; and numerous other matters that affect us or our
markets, including those of a political, economic, business,
competitive or reputational nature. Please refer to the documents
that Smith+Nephew has filed with the U.S. Securities and Exchange
Commission under the U.S. Securities Exchange Act of 1934, as
amended, including Smith+Nephew's most recent annual report on Form
20-F, for a discussion of certain of these factors. Any
forward-looking statement is based on information available to
Smith+Nephew as of the date of the statement. All written or oral
forward-looking statements attributable to Smith+Nephew are
qualified by this caution. Smith+Nephew does not undertake any
obligation to update or revise any forward-looking statement to
reflect any change in circumstances or in Smith+Nephew's
expectations.
Trademark of Smith+Nephew. Certain marks registered US Patent
and Trademark Office.
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END
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