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Share Repurchase Programme

13 Feb 2015 17:00

RNS Number : 9254E
Severn Trent PLC
13 February 2015
 



 

13 February 2015

 

 

Severn Trent Plc Share Repurchase Programme

 

 

Further to its announcement on 28 January 2015, Severn Trent Plc("Severn Trent") announces that it will commence a share repurchase programme.

 

Severn Trent has today entered into an irrevocable, non-discretionary arrangement with Morgan Stanley & Co. International PLC ("Morgan Stanley") to enablemarket purchases of Severn Trent ordinary shares of 97 17/19 pence each (the "Ordinary Shares") up to an amount of £110 million (the "Programme") during the period commencing on 16 February 2015 and ending no later than 23 November 2015 (inclusive). The Programme is capable of continuing during Severn Trent's close periods.

 

Any purchase of Ordinary Shares under the Programme will be carried out on the London Stock Exchange and executed in accordance with the Listing Rules and Severn Trent's general authority to make market purchases of Ordinary Shares. Severn Trent will announce any market repurchase of Ordinary Shares under the Programme no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

 

Ordinary Shares purchased under the Programme will be either cancelled or held in treasury and used to satisfy awards under Severn Trent's share schemes.

 

Morgan Stanley may undertake transactions in Ordinary Shares (which may include sales and hedging activities, in addition to purchases) in order to manage its market exposure under the Programme. Morgan Stanley will make any disclosures it is legally required to make in relation to such transactions.

 

 

 

 

 

Enquiries:

 

John Crosse

Severn Trent Plc

02477 715000

Head of Investor Relations

Katharine Wynne /

Martha Walsh

Tulchan Communications

0207 353 4200

 

 

 

This announcement does not constitute, or form part of, an offer or any solicitation of an offer for securities in any jurisdiction.

 

 

 

 

Cautionary statement regarding Forward Looking Statements

 

This document contains statements that are, or may be deemed to be, 'forward-looking statements' with respect to Severn Trent's financial condition, results of operations and business and certain of Severn Trent's plans and objectives with respect to these items.

 

Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as 'anticipates', 'aims', 'due', 'could', 'may', 'will', 'would', 'should', 'expects', 'believes', 'intends', 'plans', 'projects', 'potential', 'reasonably possible', 'targets', 'goal' or 'estimates' and, in each case, their negative or other variations or comparable terminology. Any forward-looking statements in this document are based on Severn Trent's current expectations and, by their very nature, forward-looking statements are inherently unpredictable, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that may or may not occur in the future.

 

Forward-looking statements are not guarantees of future performance and no assurances can be given that the forward-looking statements in this document will be realised. There are a number of factors, many of which are beyond Severn Trent's control that could cause actual results, performance and developments to differ materially from those expressed or implied by these forward-looking statements. These factors include, but are not limited to: the Principal Risks disclosed in our latest Annual Report (which have not been updated since); changes in the economies and markets in which the group operates; changes in the regulatory and competition frameworks in which the group operates; the impact of legal or other proceedings against or which affect the group; and changes in interest and exchange rates.

 

All written or verbal forward-looking statements, made in this document or made subsequently, which are attributable to Severn Trent or any other member of the group or persons acting on their behalf are expressly qualified in their entirety by the factors referred to above. Subject to compliance with applicable laws and regulations, Severn Trent does not intend to update these forward-looking statements and does not undertake any obligation to do so,

 

Nothing in this document should be regarded as a profits forecast.

 

This document is not an offer to sell, exchange or transfer any securities of Severn Trent Plc or any of its subsidiaries and is not soliciting an offer to purchase, exchange or transfer such securities in any jurisdiction. Securities may not be offered, sold or transferred in the United States absent registration or an applicable exemption from the registration requirements of the US Securities Act of 1933 (as amended).

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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