Last checked at 15 May 2023 07:00
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 £20 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 |
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Numis | Tel: +44(0)207 260 1000 |
Julian Cater |
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Kevin Cruickshank |
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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.