Business
Share buy-back programme
Share buy-back programme.
About this update from Howden Joinery Group Plc
[{"type":"text","content":"\n\n10 May 2023\n \nHOWDEN JOINERY GROUP PLC\n(\"Howdens\" or the\"Company\")\n \nShare buy-back programme\n \n \nFurther to the announcement of Howdens' intention to repurchase ordinary shares in the Company up to a maximum consideration of £50 million during financial year 2023 (the \"Programme\") in its 2022 Full Year Results, the Company announces that it has instructed its joint-broker Barclays Bank PLC, acting through its investment bank (\"Barclays\"), to execute the second part of the Programme by way of a non-discretionary arrangement to repurchase shares in the Company up to a maximum consideration of £25 million commencing on or after 10 May 2023 and ending no later than 30 December 2023. These share purchases will be made by Barclays acting as principal for resale to the Company in accordance with the arrangement and, in the case of any purchases made during closed periods, shall be made independently of and uninfluenced by the Company.\n \nThe Company's shareholders authorised the Company to repurchase up to a maximum of 55,455,816 of its ordinary shares at the Annual General Meeting held on 4 May 2023 (the \"2023 AGM\"). The aggregate number of shares acquired by the Company pursuant to the Programme shall not exceed the maximum number of shares which the Company is authorised to purchase pursuant to such general authorities as at the time of purchase. The purpose of the Programme is to reduce the share capital of the Company. To the extent required, the Company may in the future use the repurchased shares to meet obligations arising from employee share plans. It is intended that shares repurchased under the Programme will be cancelled to reduce the share capital of the Company or transferred into treasury.\n \nThe Programme is in line with the Company's stated capital allocation policy, which prioritises our strategy of continuing to invest in depots, manufacturing and logistics capabilities and related strategic investments, while delivering a progressive dividend. Any repurchases of shares under the Programme will be carried out on the London Stock Exchange and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase shares granted by its shareholders (at the 2023 AGM), the Market Abuse Regulation 596/2014 (as it forms part of UK law...