www.bodycote.com
30 July
2024
Bodycote plc
Share
Buyback Programme - update
Further to
the £60 million share buyback programme (“Programme”) announcement
issued on 15 March 2024, Bodycote plc
(”Company”),
the world's leading provider of heat treatment and specialist
thermal processing services, hereby confirms that the first
tranche of
the Programme was completed on 23 July
2024. The
Company purchased 4,198,089 ordinary shares between 15 March and
23 July 2024 pursuant to the
agreement with HSBC Bank plc to conduct the first tranche of the
programme totalling £30 million (excluding expenses).
Having
completed the first tranche, the Company has now entered into
non-discretionary instructions with Jefferies International Limited
("Jefferies") to conduct the second tranche of the Programme for a
maximum aggregate consideration of £30 million on the Company’s
behalf.
This will
commence today and will end no later than 30
January 2025 (“Engagement Period”). Jefferies will make
trading decisions in relation to the Company's ordinary shares
repurchased under the Programme independently of, and uninfluenced
by, the Company. Purchases may continue during any close period to
which the Company is subject during the Engagement
Period.
Following
completion of the first tranche, the maximum number of ordinary
shares that can be bought back under the second tranche of the
Programme is 17,680,231 ordinary shares. Purchases
of ordinary shares in relation to the Programme will be carried out
on the open market via the London Stock Exchange and/or any other
recognised investment exchange for the purposes of section 693 of
the Companies Act 2006, to be made from time to time depending on
market conditions, share price, trading volume and other
factors.
The
Programme will continue to be conducted within certain pre-set
parameters prescribed by the Market Abuse Regulation 596/2014 (as
it forms part of UK law pursuant to the European Union (Withdrawal)
Act 2018) and Chapter 12 of the Financial Conduct Authority's
Listing Rules, and in accordance with the general authority to
repurchase shares, which was granted to the Company by its
shareholders at the Annual General Meeting held on 30 May 2024.
The
Programme will end when the maximum aggregate consideration of all
ordinary shares acquired under the Programme is no more than £60
million (excluding stamp duty and expenses), or as otherwise
terminated. The sole purpose of the Programme is to reduce the
Company's share capital and accordingly, the purchased ordinary
shares will be cancelled.
About Bodycote
With more than 165 accredited facilities in 22 countries, Bodycote
is the world's largest provider of thermal processing services.
Through Specialist Technologies and classical heat treatment,
Bodycote improves the properties of metals and alloys, extending
the life of vital components for a wide range of industries,
including aerospace, defence, automotive, power generation,
medical, oil & gas, construction, and transportation. Customers
in all of these industries have entrusted their products to
Bodycote's care for more than 50 years. For more information,
visit www.bodycote.com.
For
further information, please contact:
Bodycote
plc
Jim Fairbairn, Group Chief Executive
Ben Fidler, Chief Financial Officer
Peter Lapthorn, Head of FP&A and Investor
Relations
Tel: +44
1625 505300
FTI
Consulting
Richard Mountain
Susanne Yule
Tel: +44
203 727 1340