Melrose Regulatory News (MRO)

2 October 2023

 

MELROSE INDUSTRIES PLC (THE "COMPANY")

 

COMMENCEMENT OF £500 MILLION SHARE BUYBACK PROGRAMME

 

Share buyback programme

 

As part of its 2023 interim results announcement on 7 September 2023, the Company announced it was commencing early its share buyback programme at the beginning of October 2023, starting with a £500 million on-market buyback, to be conducted over 12 months (the "Programme"). 

 

In accordance with the Company's general authority to make market purchases of existing ordinary shares of 160/7 pence each in the capital of the Company ("Ordinary Shares") as granted by its shareholders at the Annual General Meeting held on 8 June 2023 (the "General Authority"), the Programme will purchase no more than 202,586,150 Ordinary Shares and up to a maximum aggregate consideration payable by the Company of £500 million. The Programme will commence on 2 October 2023 and will end no later than 1 October 2024. The continuation of the Programme beyond the conclusion of the Company's next Annual General Meeting (or, if earlier, the close of trading on 30 June 2024) will be subject to the Company obtaining fresh general authority from its shareholders at such Annual General Meeting.

 

It is intended that Ordinary Shares repurchased shall be either held in treasury or cancelled, in each case as notified to the market from time to time.  Cancelling those shares will reduce the share capital of the Company whilst holding Ordinary Shares in treasury will give the Company the ability to cancel or re-issue such Ordinary Shares at a later date. Any purchases of Ordinary Shares by Melrose in relation to the Programme will be conducted in accordance with the General Authority, any further approvals to repurchase shares as may be granted by its shareholders from time to time, the Market Abuse Regulation 596/2014 as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended and supplemented), and Chapter 12 of the Listing Rules.

 

Melrose has entered into irrevocable, non-discretionary instructions with Investec Bank plc ("Investec") and J.P. Morgan Securities plc (which conducts its UK investment banking business as JP Morgan Cazenove, "JP Morgan Cazenove") to conduct the Programme on its behalf and to make trading decisions under the Programme independently of Melrose. The Programme will not impact the Company's existing Ordinary Share dividend policy.

 

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