Last checked at 26 Mar 2024 07:15
26 March 2024
SMITHS GROUP PLC
SHARE BUYBACK PROGRAMME
Smith Group plc ("Smiths" or "the Company") announces that, in connection with the share buyback programme (the "Programme") of £100 million announced today as part of the Company's FY2024 Half Year Results, Smiths will with immediate effect commence the first tranche of the Programme to purchase ordinary shares in the capital of the Company (the "Ordinary Shares") with a value of up to £50 million, subject to remaining within the Company's general authority to repurchase Ordinary Shares granted by its shareholders at its Annual General Meeting (AGM) on 16 November 2023 (the 2023 AGM authority is for a maximum of 34,753,833 shares). The first tranche will commence on 26 March 2024 and will end no later than 30 September 2024. The purpose of the Programme is to reduce the share capital of Smiths and therefore the Ordinary Shares purchased under the Programme will be cancelled.
The Company has entered into an agreement with J.P. Morgan Securities plc (JPMS plc) under which it has issued an instruction to JPMS plc to manage the first tranche of the Programme. JPMS plc will carry out the instruction through the acquisition of Ordinary Shares in the Company for subsequent repurchase and cancellation by the Company. This arrangement is in accordance with the Company's general authority to repurchase Ordinary Shares, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).
Enquiries:
Investor enquiries | Media enquiries |
Siobhán Andrews, Smiths Group +44 (0)7920 230093 siobhan.andrews@smiths.com
| Tom Steiner, Smiths Group +44 (0)7787 415 891 tom.steiner@smiths.com |
Matthew Whyte Company Secretary +44 (0) 7775 982 879 Matthew.whyte@smiths.com
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Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11
About Smiths Group
For over 170 years, Smiths Group has been pioneering progress by improving our world through smarter engineering. We serve millions of people every year, to help create a safer, more efficient, and better-connected world, across four major global markets: Energy, General Industry, Safety & Security and Aerospace. Listed on the London Stock Exchange, Smiths employs more than 15,000 colleagues in over 50 countries. For more information visit www.smiths.com.
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