Last checked at 27 Feb 2020 07:01
For Immediate Release | 27 February 2020 |
Hunting PLC
("Hunting" or "the Company" or "the Group")
Purchases Of Own Shares
Hunting PLC (the "Company") announces its intention to enter into an on-market share buyback programme to purchase up to 2,000,000 ordinary shares of £0.25 each in the Company ("Shares") during open periods arising between 27 February 2020 and 26 February 2021 (the "Programme"). The Company has entered into an arrangement with Barclays Bank PLC, acting through its investment bank ("Barclays"), in relation to the Programme (the "Arrangement"). Share purchases will be made on the Company's behalf and in accordance with the Arrangement. Shares purchased under the Programme will be cancelled and, as a result, will reduce the Company's issued share capital. The Programme is the first in the Company's history, reflecting the Board's belief that the current share price undervalues the Group.
Share purchases pursuant to the Arrangement will be subject to the terms of the Arrangement with Barclays and in any case will be effected in a manner consistent with both the general authority vested in the Company to repurchase Shares as granted by shareholders at the Company's most recent annual general meeting held on 17 April 2019, the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules, which require that the maximum price paid be limited to be no more than the lower of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five business days before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this arrangement will not exceed £8,000,000.
Further, the Company announces that in parallel to the arrangement noted above, a programme to purchase up to 1,500,000 ordinary shares will also commence separately on the 27 February 2020 by the Group's employee share trust (the "Trust"). All shares acquired by the Trust will be used to satisfy future share vestings under the Company's Hunting Performance Share Plan. For the avoidance of doubt, the Company's Arrangement with Barclays relates only to the Programme. Barclays shall not effect purchases on behalf of the Trust in connection with the programme detailed in this paragraph.
For further information, please contact:
Hunting PLC Jim Johnson, Chief Executive Peter Rose, Finance Director Tarryn Riley, Investor Relations
| Tel: +44 (0) 20 7321 0123 |
Buchanan Ben Romney Chris Judd | Tel: +44 (0) 20 7466 5000 |
Notes to Editors:
About Hunting PLC
Hunting PLC is an international energy services provider to the world's leading upstream oil and gas companies. Established in 1874, it is a premium listed public company traded on the London Stock Exchange. The Company maintains a corporate office in Houston and is headquartered in London. As well as the United Kingdom, the Company has operations in Canada, China, Indonesia, Mexico, Netherlands, Norway, Saudi Arabia, Singapore, United Arab Emirates and the United States of America.
The Group reports in US dollars across five segments: Hunting Titan, US, Canada, EMEA and Asia Pacific.
Hunting PLC's Legal Entity Identifier is 2138008S5FL78ITZRN66.
IMPORTANT NOTICE
Barclays, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Financial Conduct Authority and the Prudential Regulation Authority, is acting exclusively for the Company and no one else in connection with the Programme and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Barclays nor for providing advice in relation to the Programme or any other matter referred to in this announcement.