Dowlais Regulatory News (DWL)

4 April 2024

Dowlais Group plc

Commencement of £50 million Share Buy-back Programme

Further to its announcement on 21 March 2024, Dowlais Group plc ("Dowlais") announces that it will commence a share buy-back programme of its ordinary shares ("Shares") for up to a maximum aggregate consideration of £50 million (the "Programme"). The Programme will commence on 4 April 2024 and end no later than 31 March 2025. The purpose of the Programme is to reduce Dowlais' share capital and therefore the Shares purchased under the Programme will be cancelled. The maximum number of Shares that may be purchased under the Programme is 139,327,352.

Dowlais has entered into non-discretionary instructions with Investec Bank plc ("Investec") to conduct the Programme on its behalf and carry out on-market purchases of Shares and to on-sell such Shares to Dowlais.

Investec will make trading decisions in relation to the Programme independently of, and without further instruction from, Dowlais. Any purchase of Shares contemplated by this announcement will be executed in accordance with Dowlais' authority to repurchase ordinary shares granted by a special resolution passed on 28 February 2023 (as further described in Part XV, Paragraph 4.3 of Dowlais' admission prospectus), Market Abuse Regulation 596/2014 and the Commission Delegated Regulation EU 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018, as amended), Chapter 12 of the Financial Conduct Authority's Listing Rules, and other applicable laws.

Dowlais will announce any purchase of Shares pursuant to the Programme no later than 7.30 a.m. on the business day following the calendar day on which the purchase occurs.

Investec may undertake transactions in Dowlais' ordinary shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the Programme. Dowlais will make any disclosures it is legally required to make in relation to such transactions.

Simon Mackenzie Smith, Chair of Dowlais, said:

"The commencement of the £50 million share buyback today forms part of the Board's focus to maximise the full value of our Group, and its businesses, by considering all available options. Our confidence in delivering significant value from Dowlais derives from each of our two market leading businesses, GKN Automotive and Powder Metallurgy, having strong fundamentals".

Enquiries

LEI number of Dowlais Group plc: 213800XM8WOFLY6VPC92