Mears Group PLC Share Buyback (3185Z)
May 15 2023 - 2:00AM
UK Regulatory
TIDMMER
RNS Number : 3185Z
Mears Group PLC
15 May 2023
Mears Group PLC
Launch of Share Buyback Programme
Mears Group PLC ('Mears' or the 'Group') confirms that, as
announced on 28 April 2023 in its Preliminary Results for the full
year ended 31 December 2022, the Board has approved a return of
surplus capital of up to GBP20 million to shareholders to be
implemented through a share buyback programme of Mears' ordinary
shares (the 'Buyback Programme').
Mears has entered into non-discretionary arrangements with Numis
Securities Limited ('Numis') and Panmure Gordon (UK) Limited
('Panmure Gordon') to conduct the Buyback Programme on its behalf
from 15 May 2023. Under these arrangements, Numis and Panmure
Gordon will make trading decisions in relation to the buyback of
the company's ordinary shares independently of the Group within the
programme terms and pre-set parameters.
The purpose of the Buyback Programme is to return surplus
capital to shareholders and reduce the Group's share capital. As
such, all ordinary shares repurchased by the Group under the
Buyback Programme will be cancelled. It is expected that the
Buyback Programme may take around 18 months to complete.
Share purchases under the Buyback Programme will take place in
open market transactions and may be made from time to time
depending on market conditions, share price and trading volumes.
The Buyback Programme will be effected under the authority granted
by shareholders at the Group's 2022 Annual General Meeting (which
authority is expected to be renewed at the 2023 Annual General
Meeting). The Buyback Programme will be conducted within the
parameters prescribed by the Market Abuse Regulation 596/2014 and
the Commission Delegated Regulation (EU) 2016/1052 (also as in
force in the UK, from time to time, including, where relevant,
pursuant to the UK's European Union (Withdrawal) Act 2018 and the
Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as
applicable laws and the regulations of the UK Financial Conduct
Authority (including Chapter 12 of the Listing Rules).
Mears will, in conjunction with its joint brokers, Numis and
Panmure Gordon, monitor the level of liquidity in the issued
Ordinary Shares and may determine that, in order to proceed with
the Buyback Programme in an effective and timely manner, the
Buyback Programme may on any given trading day exceed 25 per cent
but remain below 50 per cent of the average daily trading volume.
Should this occur, the Group may not benefit from the exemption
contained in Article 5(1) in MAR.
Any repurchase of shares will be announced no later than 7:30
a.m. on the business day following the calendar day on which the
repurchase occurred.
Mears will make further announcements in due course following
the buyback of shares. Note there is no guarantee that the Buyback
Programme will be implemented in full.
For further information, contact:
Mears Group PLC Tel: +44(0)1452 634 600
Andrew Smith
Numis Tel: +44(0)207 260 1000
Julian Cater
Kevin Cruickshank
Panmure Gordon Tel: +44(0)207 886 2500
Tom Scrivens
James Sinclair-Ford
About Mears
Mears is the leading provider of services to the Affordable
Housing sector, providing a range of services to individuals within
their homes. We manage and maintain around 450,000 homes across the
UK and work predominantly with Central Government and Local
Government typically through long-term contracts. We equally
consider the residents of the homes that we manage and maintain to
be our customers, and we take pride in the high levels of customer
satisfaction that we achieve.
Mears currently employs around 5,500 people and provides
services in every region of the UK. In partnership with our Housing
clients, we provide property management and maintenance services.
Mears has extended its activities to provide broader housing
solutions to solve the challenge posed by the lack of affordable
housing and to provide accommodation and support for the most
vulnerable.
We focus on long-term outcomes for people rather than short-term
solutions and invest in innovations that have a positive impact on
people's quality of life and on their communities' social,
economic, and environmental wellbeing. Our innovative approaches
and market leading positions are intended to create value for our
customers and the people they serve while also driving sustainable
financial returns for our providers of capital, especially our
shareholders.
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END
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