3 Mar 2022 07:00
03 March 2022
Northbridge Industrial Services Plc
("Northbridge" or the "Company")
Commencement of Share Buyback Programme
Northbridge, the industrial services and rental company, announces that it has entered into irrevocable, non-discretionary arrangements with Shore Capital Stockbrokers Limited ("Shore Capital Stockbrokers") to repurchase ordinary shares on the Company's behalf up to a maximum consideration of approximately £823,000 (the "Share Buyback Programme"). This is pursuant to the Company's stated intention to satisfy future issuances of ordinary shares of 10p each in the Company ("Ordinary Shares") under the Company's long term incentive plan ("LTIP"), as announced on 10 June 2021, from Ordinary Shares acquired in the market and held in treasury, for example pursuant to a share buyback.
The Share Buyback Programme will commence today, 03 March 2022, and will, unless completed or terminated in accordance with its provisions, continue until 10 June 2022. The maximum number of ordinary shares to be repurchased under the Share Buyback Programme is 2,706,475 Ordinary Shares. The repurchased Ordinary Shares will be held in treasury.
Shore Capital Stockbrokers will make its trading decisions in relation to the Company's shares independently of, and uninfluenced by, the Company and in accordance with certain pre-set parameters.
The Share Buyback Programme will be conducted (i) initially in accordance with the Company's general authority to repurchase ordinary shares as approved by shareholders at the Company's Annual General Meeting ("AGM") on 15 June 2021, and the continuation of the Share Buyback Programme will be contingent on the approval of the shareholders of a further repurchase general authority at the Company's 2022 AGM (or as applicable, at an earlier GM of the Company) and (ii) the parameters prescribed by the Market Abuse Regulation 596/2014/EU, the Commission Delegated Regulation (EU) 2016/1052 and the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the United Kingdom ("UK"), from time to time, including, where relevant, pursuant to the UK's Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as the applicable laws and regulations of the London Stock Exchange.
Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following any repurchase. The Company confirms that currently it has no unpublished inside information.
This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.
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For further information
Northbridge Industrial Services Plc 01283 531645
Peter Harris, Executive Chairman
Iwan Phillips, Finance Director
Shore Capital (Nominated Adviser and Broker) 020 7408 4050
Robert Finlay / David Coaten / Henry Willcocks
Buchanan Communications 020 7466 5000
Charles Ryland / Stephanie Whitmore
The person who arranged for the release of this announcement on behalf of the Company was Iwan Phillips, Finance Director.
About Northbridge:
Northbridge Industrial Services plc hires and sells specialist industrial equipment. With offices or agents in the UK, USA, The Middle East, Belgium, Germany, France, Singapore, China and South Korea, Northbridge has a global customer base. This includes utility companies, renewables, the oil and gas sector, data centres, shipping, banking, mining, construction and the public sector. The product range includes loadbanks, transformers, and drilling tools. Northbridge was admitted to AIM in 2006 since when it has grown by providing a high level of service, responsiveness and flexibility to customers.