LSL Property Services PLC Extension to Share Buyback Programme (0427Q)
June 24 2022 - 2:00AM
UK Regulatory
TIDMLSL
RNS Number : 0427Q
LSL Property Services PLC
24 June 2022
24 June 2022
LSL Property Services plc ("LSL")
Extension to Share Buyback Programme
On 21 April 2022, LSL announced that it had appointed Numis
Securities Limited ("Numis") to manage its non-discretionary share
buyback programme and repurchase LSL's ordinary shares on its
behalf up to a maximum consideration of GBP10 million, for a period
ending no later than 30 June 2022 (the "Original Programme").
LSL today announces that the Board has resolved to extend the
Share Buyback Programme, which was expected to complete on 30 June
2022, for a further three months. Accordingly, the extended
programme will end no later than 30 September 2022, unless
completed earlier (the " Extended Programme " ). LSL also announces
that Numis has been instructed to continue the share buyback
programme on an irrevocable basis within certain pre-set
parameters, during the forthcoming closed period, which commences
on 24 June 2022 and will end on the day that LSL publishes its
interim results. During the closed period, Numis will conduct the
Extended Programme on the LSL's behalf and make trading decisions
under the Extended Programme independently of LSL. As of 23 June
2022, 360,273 ordinary shares had been repurchased pursuant to the
Original Programme, representing an aggregate consideration of
GBP1.3 million. Accordingly, the total size of the Extended
Programme shall be up to GBP8.7 million.
As with the Original Programme, the Extended Programme will be
conducted in accordance with LSL's general authority to purchase up
to a maximum of 10,515,895 ordinary shares, granted by shareholders
at its AGM on 27 May 2022. The Extended 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 made pursuant to the Extended Programme will
be made on LSL'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 LSL'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 shares
be held in treasury. Such treasury shares are not entitled to
dividends and have no voting rights at LSL's general meetings.
Due to the limited liquidity in the issued ordinary shares, a
buyback of ordinary shares pursuant to the Extended 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, LSL 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 LSL following any repurchase as
required by the MAR and the Listing Rules of the FCA. LSL confirms
that currently it is not, in its assessment, in procession of any
unpublished inside information.
For further information, please contact:
David Stewart, Group CEO
Adam Castleton, Group CFO
LSL Property Services plc investorrelations@lslps.co.uk
Helen Tarbet
George Beale
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 re-mortgage market
with around 2,900 financial advisers. PRIMIS was named Best Network
by Money Marketing in their 2021 awards and Best Network, 300+
appointed representatives at the 2022 Mortgage Strategy 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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