Last checked at 24 May 2022 07:00
For immediate release
24 May 2022
DFS Furniture plc ("DFS" and the "Group")
Update on Share Buyback Programme
DFS today announces that it has carried out a review of the progress of its Share Buyback Programme (the "Programme") announced on 15 March 2022 to purchase up to £25 million ordinary shares of £0.10 each ("Ordinary Shares"). Since the commencement of the Programme the Group has purchased 1,031,948 Ordinary Shares at a total consideration of £1,783,002 (excluding expenses).
The Board has concluded that the current low liquidity in the issued Ordinary Shares is significantly impacting the progress of the Programme. In order to proceed with the Programme in an effective manner, the Group in discussions with its brokers, Jefferies International Limited and Peel Hunt LLP (the "Joint Brokers"), agreed that the Programme may on any given trading day exceed 25 per cent but remain below 50 per cent of the average daily trading volume and, accordingly, the Group may not benefit from the exemption contained in Article 5(1) in MAR. The Group previously announced on 15 March 2022 that the Programme would be conducted so as to fall within the exemption contained in Article 5(1) of MAR.
No other changes have been made to the Programme or the basis on which it will be conducted (in each case as announced on 15 March 2022).
Details of any Ordinary Shares repurchased will be notified to a Regulatory Information Service by the Group following any repurchase as required by the MAR and the Listing Rules of the FCA.
DFS confirms that currently it has no other unpublished inside information other than the information that has been communicated within this announcement.
Enquiries:
DFS: (enquiries via Tulchan) | TULCHAN |
Liz McDonald (Group Company Secretary) | James Macey-White |
Peter McDonald (Investor Relations) | Jessica Reid |
investor.relations@dfs.co.uk | dfs@tulchangroup.com |
About DFS Furniture plc
The Group is the clear market-leading retailer of living room furniture in the United Kingdom. Our Group purpose is to bring great design and comfort into every living room, in an affordable, responsible and sustainable manner. We operate an integrated physical and digital retail network of living room furniture showrooms and web sites in the United Kingdom, Republic of Ireland, Netherlands and Spain, trading through our leading brands, DFS, Sofology and Dwell. We attract customers through our targeted and national marketing activities and our reputation for high quality products and service, breadth of product offer and favourable consumer financing options. We fulfil orders for our exclusive product ranges through our own three UK finished goods factories, and through manufacturing partners located in the UK, Europe and Far East, and delivered with care through our expert final-mile delivery service "The Sofa Delivery Company".