LSL Property Services PLC Commencement of Share Buyback Programme (8190I)
April 21 2022 - 2:01AM
UK Regulatory
TIDMLSL
RNS Number : 8190I
LSL Property Services PLC
21 April 2022
For immediate release 21 April 2022
LSL Property Services plc ("LSL" or "the Company")
Commencement of Share Buyback Programme
LSL today announces the start of a share buyback programme for a
tranche of up to GBP10 million.
The Company has appointed its broker Numis Securities Limited
("Numis") to manage the non-discretionary share buyback programme
to repurchase ordinary shares on its behalf up to a maximum
consideration of GBP10 million, for a period commencing today and
ending no later than 30 June 2022 (the "Share Buyback Programme").
The return of excess capital to shareholders through the Share
Buyback Programme will be funded by cash resources.
The Share Buyback Programme will be conducted in accordance with
the Company's general authority to purchase up to a maximum of
10,515,895 ordinary shares, granted by shareholders at its AGM on
23 June 2021, and the continuation of the Share Buyback Programme
will be subject to the renewal by the shareholders of the
repurchase general authority at the Company's forthcoming AGM on 27
May 2022. The Share Buyback Programme will also be effected within
the parameters prescribed by the Market Abuse Regulation
596/2014/EU and the Commission Delegated Regulation 2016/1052/EU
(each as in force in the UK, from time to time, including, where
relevant, pursuant to the UK's Market Abuse (Amendment) (EU Exit)
Regulations 2019) ("MAR").
Share repurchases will be made on the Company's behalf and in
accordance with the arrangement with Numis in open market
transactions, depending on market conditions, share price and
trading volume. The maximum price paid per ordinary share will be
limited to be no more than the higher of (i) 105 per cent of the
average middle market closing price of the Company's ordinary
shares for the five business days before the purchase is made, and
(ii) the higher of the price of the last independent trade and the
highest current independent bid on the trading venue where the
purchase is carried out. It is intended that the repurchased share
be held in treasury. Such treasury shares are not entitled to
dividends and have no voting rights at the Company's general
meetings.
Due to the limited liquidity in the issued ordinary shares, a
buyback of ordinary shares pursuant to the Share Buyback Programme
on any given trading day may represent a significant proportion of
the daily trading volume in the ordinary shares on the London Stock
Exchange and may exceed 25 per cent of the average daily trading
volume and, accordingly, the Company may not benefit from the
exemption contained in Article 5(1) of MAR.
Details of any ordinary shares repurchased will be notified to a
Regulatory Information Service by the Company following any
repurchase as required by the MAR and the Listing Rules of the FCA.
LSL confirms that currently it has no other unpublished inside
information other than the information that has been communicated
within this announcement.
For further information, please contact:
David Stewart, Group CEO
Adam Castleton, Group CFO
LSL Property Services plc investorrelations@lslps.co.uk
Helen Tarbet
Sophie Wills
Buchanan 0207 466 5000 / LSL@buchanan.uk.com
Notes on LSL
LSL is one of the largest providers of services to mortgage
intermediaries and mortgage and protection advice to estate agency
customers, completing around GBP41bn of mortgages in 2021. It
represents around 10% of the total purchase and remortgage market
with around 2,900 financial advisers. PRIMIS was named Best Network
by Money Marketing in their 2021 awards.
LSL is one of the UK's largest providers of surveying and
valuation services, supplying seven out of the ten largest lenders
in the UK, employing around 500 operational surveyors, and
performing over 500,000 valuations and surveys per annum for key
lender clients. It was named Mortgage Surveyor of the Year at the
2021 Mortgage Awards with Money Age.
LSL also operates a network of 225 owned and 128 franchised
estate agency branches.
For further information please visit LSL's website:
lslps.co.uk
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END
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