Last checked at 15 May 2024 07:00
15 May 2024
TI Fluid Systems plc
("TI Fluid Systems" or the "Company")
Update on Share Buy-back Programme
TI Fluid Systems plc ("TI Fluid Systems plc" or the "Company") confirms the completion of a €18.8 million second tranche (the "Second Tranche") of the €40 million Share Buy-back programme, announced on 4 October 2023 (the "Buy-back Programme").
Since the commencement of the Buy-back Programme, the Company has purchased 14,241,487 Ordinary Shares on Exchange at a volume weighted average price of 143.53 GBp per Ordinary Share for a total of approximately €23.8 million. The Ordinary Shares purchased have been, or will shortly be, cancelled.
TI Fluid Systems today also announces the commencement of a third and final tranche of the Buy-back Programme (the "Third Tranche") of approximately €16.2 million. The Ordinary Shares purchased under the Third Tranche will be cancelled.
The Third Tranche will be carried out under the Agreement and will take place during the period starting on 15 May 2024 and ending no later than 13 May 2025. The Third Tranche is subject to an irrevocable non-discretionary instruction issued by the Company to Peel Hunt and Peel Hunt will make trading decisions in relation to the Third Tranche of the Buy-back Programme independently of, and without further instruction from, the Company.
Any purchases of Ordinary Shares under the Buy-back Programme will be carried out on the London Stock Exchange in accordance with certain pre-set parameters set out in the Agreement and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase Ordinary Shares granted by its shareholders at the 2024 AGM, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended), the Commission Delegated Regulation (EU) No 2016/1052 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended), and other applicable laws.
The maximum number of Ordinary Shares that may be repurchased under the Buy-back Programme is 34,747,931 Ordinary Shares, representing approximately 6.8% of the Company's issued ordinary share capital in issue as at 28 March 2024 (being the last practicable date prior to the publication of the notice of the 2024 AGM).
Capitalised terms used but not defined in this announcement have the meanings given to them in the announcement by the Company relating to the commencement of the Buy-back Programme published on 4 October 2023.
The Company will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.
Enquiries:
TI Fluid Systems plc
Kellie McAvoy
Investor Relations
Tel: +44 7354 846374
Headland Consultancy
Matt Denham/Chloe Francklin
Tel: +44 (0)20 3805 4822
About TI Fluid Systems
TI Fluid Systems is a global innovator of thermal and fluid system solutions for the full range of current and developing vehicle architectures. Serving all major automotive manufacturers, with more than 100 years of automotive supply experience; TI Fluid Systems operates across 27 countries with a commitment to improving efficiency, performance and sustainability worldwide. To find out more about TI Fluid Systems, visit www.tifluidsystems.com.