Last checked at 12 Jan 2018 10:11
M.P. EVANS GROUP PLC ("MP EVANS" OR "THE GROUP")
Share buyback programme
The board of directors of MP Evans (the "Board") is pleased to announce its decision to extend the share buyback programme (the "Programme"), originally due to expire on 15 January 2018, up to 30 June 2018 and to increase the budget for the Programme by a further £2.5 million.
Since commencing the Programme, the Group has purchased 958,313 shares at an average price of £7.46 per share and the total cost to date of the shares purchased is £7,147,015 out of the approved budget of £7.5 million. All shares acquired under the Programme have been or will be cancelled.
The Board continues to believe the current share price undervalues the Group's assets, the performance of the business to date and its future prospects. The board notes the Group's shares are currently trading well below the share price implied by the independent valuation of its assets undertaken at the end of 2016. The Group's robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels that will enhance earnings.
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 2017, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The board will continue to keep the Programme under review and will make a decision in due course on whether to further extend either its budget or duration.
As previously notified MP Evans has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 10p shares to give effect to the Programme. The Programme will continue to be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.
M.P. Evans Group PLC
Telephone: +44 (0)1892 516333
Peter Hadsley-Chaplin, Chairman
Tristan Price, Chief executive
Matthew Coulson, Finance director
Peel Hunt LLP (NOMAD and Broker)
Telephone: +44 (0)20 7418 8900
Dan Webster
Adrian Trimmings
George Sellar
Hudson Sandler
Telephone: +44 (0)20 7796 4133
Charlie Jack
Bertie Berger