Smiths Group PLC SHARE BUYBACK PROGRAMME (6308C)
October 12 2022 - 4:30AM
UK Regulatory
TIDMSMIN
RNS Number : 6308C
Smiths Group PLC
12 October 2022
12 October 2022
SMITHS GROUP PLC
SHARE BUYBACK PROGRAMME
Smith Group plc ("Smiths" or the "Company") announces that, in
connection with the share buyback programme (the "Programme") of up
to GBP742 million which it announced on 11 November 2021, Smiths
will commence the fifth tranche of the Programme to purchase
ordinary shares in the capital of the Company (the "Ordinary
Shares") with a value of up to GBP144 million, subject to remaining
within the Company's general authority to repurchase Ordinary
Shares granted by its shareholders at its General Meeting on 17
November 2021 (the 2021 GM authority is for a maximum of 59,435,913
shares).
The fifth tranche will commence on 17 October 2022 and will
conclude no later than 31 March 2023 or once the GBP742 million
programme has completed (the "Engagement Period"). The purpose of
the Programme is to reduce the share capital of Smiths.
As previously announced, the fourth tranche of the Programme
will end on 15 October 2022.
The Company has entered into an agreement with Goldman Sachs
International ("Goldman Sachs") under which Goldman Sachs will
manage the fifth tranche of the Programme. Goldman Sachs will carry
out the instruction through the acquisition of Ordinary Shares in
the Company for subsequent repurchase and cancellation by the
Company. This arrangement is in accordance with the Company's
general authority to repurchase Ordinary Shares, Chapter 12 of the
Financial Conduct Authority's Listing Rules, Article 5(1) of
Regulation (EU) No. 596/2014 (as incorporated into UK domestic law
by the European Union (Withdrawal) Act 2018) and Commission
Delegated Regulation (EU) 2016/1052 (as incorporated into UK
domestic law by the European Union (Withdrawal) Act 2018).
Goldman Sachs may undertake transactions in the Company's
Ordinary Shares (which may include sales and hedging activities, in
addition to purchases which may take place on any available trading
venue or on an over the counter basis) during the Engagement Period
in order to manage its market exposure under the Programme.
Disclosure of such transactions will not be made by Goldman Sachs
as a result of or as part of the Programme, but Goldman Sachs will
continue to make any disclosures it is otherwise legally required
to make.
Enquiries:
Jemma Spalton, Director of Communications & Investor
Relations
+44 (0)20 7004 1600
Jemma.splaton@smiths.com
Matthew Whyte, Company Secretary
+44 (0)20 7004 1600
Matthew.whyte@smiths.com
Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
For over 170 years, Smiths Group has been pioneering progress by
improving the world through smarter engineering. We serve millions
of people every year, to help create a safer, more efficient and
better-connected world, across four major global markets: Energy,
General Industry, Security & Defence, and Aerospace. Listed on
the London Stock Exchange, Smiths employs c. 14,600 colleagues in
over 50 countries. For more information visit www.smiths.com .
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END
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