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14 Jun 2023 07:00
M.P. EVANS GROUP PLC
("Group" or "M.P. Evans")
Share buyback programme
The board of directors of M.P. Evans ("Board") is pleased to announce that it intends to commence a share buyback programme of £2 million (the "Programme") from the date of this announcement. All shares acquired under the Programme will be cancelled.
The Board continues to believe that the current share price undervalues the Group's assets, the performance of the business to date and its future prospects. The Group's robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels that will be earnings enhancing.
The Group is undertaking this Programme as part of a disciplined approach to capital allocation, which includes continuing investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of dividends at an increased level. The Board sees a case for buybacks being economically attractive since the Group's shares are currently trading below the share price implied by the independent valuation of its assets.
The Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 9 June 2023, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The Programme will be undertaken using a phased approach and have an initial duration of up to 3 calendar months.
The board will keep the programme under review and will make a decision in due course on whether to extend it.
In order to implement the Programme, MP Evans has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 10p shares. The Programme will be conducted in compliance with Article 5(1)(b) of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 and the delegated regulations made pursuant to it.
14 June 2023
Enquiries:
M.P. Evans Group PLC | Telephone: 01892 516333 |
Peter Hadsley-Chaplin - chairman | |
Matthew Coulson - chief executive | |
Luke Shaw - chief financial officer | |
Peel Hunt LLP (Nomad and joint broker) | Telephone: 020 7418 8900 |
Adrian Trimmings, Andrew Clark, Lalit Bose | |
finnCap (Joint broker) | Telephone: 020 7220 0500 |
Tim Redfern, Harriet Ward | |
Hudson Sandler (Financial PR) | Telephone: 020 7796 4133 |
Charlie Jack, Amelia Craddock, Francis Kerrigan |
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