Safestyle UK PLC Share buy-back (3532R)
September 21 2017 - 2:00AM
UK Regulatory
TIDMSFE
RNS Number : 3532R
Safestyle UK PLC
21 September 2017
21 September 2017
Safestyle UK plc
("The Company")
Share buy-back
Safestyle UK plc (AIM: SFE), the leading retailer and
manufacturer of PVCu replacement windows and doors to the UK
homeowner market, was granted an authority to buy-back issued
ordinary shares of 1 pence each in the Company ("Ordinary Shares")
at the Annual General Meeting of the Company held on 18 May 2017
(the "Authority").
As per the Company's previously announced priorities for the
uses of cash, the Company is committed to returning excess capital
to shareholders after carefully considering its operating and
investment requirements. In 2016 the Company declared a special
dividend of 6.8p per share, equivalent to GBP5.5m. Since that date,
cash generation has been strong, even after the Company has
invested in new production facilities. At 30 June 2017, the Company
had cash of GBP17.7m and the Board will review required levels of
cash further when it announces its final results for the year
ending 31 December 2017 in March 2018.
In the meantime, the Board reserves the right to exercise the
Authority and effect a share buy-back up to a total of GBP2.5m. The
purpose of the buy-back programme would be to reduce the share
capital of the Company with all Ordinary Shares repurchased being
cancelled. The buy-back, if executed, would terminate on 21 October
2017. The timing and the actual number of Ordinary Shares
repurchased will be dependent on market conditions, legal and
regulatory requirements.
The Company has appointed Liberum Capital Limited ("Liberum") to
manage the buy-back programme and has authorised Liberum to effect
on-market purchases of Ordinary Shares on behalf of the
Company.
Due to the limited liquidity in the issued Ordinary Shares, a
buy-back of Ordinary Shares pursuant to the Authority on any
trading day may represent a significant proportion of the daily
trading volume in the Ordinary Shares on the AIM market of the
London Stock Exchange and is likely to exceed 25 per cent of the
average daily trading volume, being the limit laid down in Article
5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company
will not benefit from the exemption contained in this Article.
The Company will announce any market purchase of Ordinary Shares
pursuant to the Authority without delay.
Enquiries:
Safestyle UK plc via FTI Consulting
Steve Birmingham, Chief Executive
Officer
Mike Robinson, Chief Financial
Officer
Zeus Capital (Nominated Adviser Tel: 0203 829
& Joint Broker) 5000
Nick How / Dominic King / Andrew
Jones
Liberum Capital Limited (Joint Tel: 0203 100
Broker) 2100
Neil Patel / Jamie Richards
FTI Consulting (Financial PR) Tel: 0203 727
Oliver Winters / Alex Beagley 1000
/ James Styles
About Safestyle UK plc
The Group is the leading retailer and manufacturer of PVCu
replacement windows and doors to the UK homeowner market. For more
information please visit www.safestyleukplc.co.uk or
www.safestyle-windows.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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