Business
Launch of Share Buyback Programme
Launch of Share Buyback Programme.
About this update from Eurocell Plc
[{"type":"text","content":"\n\n20 March 2025\nEUROCELL PLC\n(\"Eurocell\" or the \"Group\")\nLaunch of Share Buyback Programme\nEurocell plc, the market leading, vertically integrated UK manufacturer, recycler and distributor of innovative window, door and roofline PVC products, today announced that it intends to commence a further share buyback programme in respect of its ordinary shares of £0.001 each (\"Ordinary Shares\") up to a maximum consideration of £5 million from the date of this announcement (the \"Buyback\").\nAs referenced in the 2024 Preliminary Results Announcement, the Board is focused on enhancing shareholder returns and recognises the importance of our ordinary dividend. We will also periodically consider supplementary distributions, whilst always seeking to maintain a strong financial position. The Buyback will reduce the share capital of the Company and enhance earnings per share.\nDetails of the Share Buyback Programme\nEurocell has given irrevocable and non-discretionary instructions to Joh. Berenberg, Gossler & Co. KG (\"Berenberg\") in relation to the Buyback, which will commence immediately after this announcement. Berenberg will act as principal during the Buyback and will make trading decisions concerning the timing of the purchases of Ordinary Shares independently of the Company.\nThe maximum amount allocated to the Buyback is £5 million. Any market repurchase of Ordinary Shares will be announced no later than 7:30am on the business day following the calendar day on which the repurchase occurred. The Shares that are repurchased will be cancelled.\nAny purchases of Ordinary Shares contemplated by this announcement will be effected within certain pre-set parameters. These arrangements are in accordance with the authorities granted by the Company's shareholders at its annual general meeting held on 16 May 2024 to repurchase a maximum of 10,969,731 Ordinary Shares.\nThe maximum price payable for an Ordinary Share will be the lower of (a) 105% of the average of the middle market quotation for Ordinary Shares as derived from the Daily Official List of London Stock Exchange plc for the five business days before the date on which the purchase is made and (b) an amount equal to the higher of the last independent trade and highest current independent purchase bid.\nDue to the limited liquidity in the Ordinary Shares, the Bu...