Business
Launch of £60 million Share Buyback Programme
Launch of £60 million Share Buyback Programme.
About this update from Bodycote Plc
[{"type":"text","content":"\n\n www.bodycote.com\n15 March 2024\nBodycote plc\nLaunch of £60 million Share Buyback Programme\n \nFurther to the announcement made on 22 January 2024, Bodycote plc (\"Company\"), the world's leading provider of heat treatment and specialist thermal processing services, is pleased to announce the commencement of a share buyback programme of up to £60 million (\"Programme\"), which will be undertaken in two tranches.\n \nThe first tranche of the Programme (\"First Tranche\"), to be carried out by HSBC Bank plc (\"HSBC\"), will be for a maximum aggregate consideration of £30 million, with trading expected to commence today, Friday 15 March 2024 and anticipated to end on or before 14 September 2024 ( \"Engagement Period\"). The second tranche of the Programme (\"Second Tranche\"), which will be conducted after completion of the First Tranche, is intended to be undertaken by Jeffries International Limited and further details in respect of the Second Tranche will be announced in due course.\n \nIn respect of the First Tranche of the Programme, the Company confirms that it has entered into non-discretionary instructions with HSBC to conduct a share buyback programme on the Company's behalf. HSBC will make trading decisions in relation to the Company's ordinary shares repurchased under the Programme independently of, and uninfluenced by, the Company. Purchases may continue during any close period to which the Company is subject during the Engagement Period.\n \nPurchases of ordinary shares in relation to the Programme will be carried out on the open market via the London Stock Exchange and/or any other recognised investment exchange for the purposes of section 693 of the Companies Act 2006, to be made from time to time depending on market conditions, share price, trading volume and other factors.\n \nThe Programme will ...