Business
Share Buyback
Share Buyback.
About this update from Mears Group Plc
[{"type":"text","content":"\n\n \nMears Group PLC\nLaunch of Share Buyback Programme\nMears Group PLC ('Mears' or the 'Group') confirms that, as announced on 28 April 2023 in its Preliminary Results for the full year ended 31 December 2022, the Board has approved a return of surplus capital of up to £20 million to shareholders to be implemented through a share buyback programme of Mears' ordinary shares (the 'Buyback Programme').\nMears has entered into non-discretionary arrangements with Numis Securities Limited ('Numis') and Panmure Gordon (UK) Limited ('Panmure Gordon') to conduct the Buyback Programme on its behalf from 15 May 2023. Under these arrangements, Numis and Panmure Gordon will make trading decisions in relation to the buyback of the company's ordinary shares independently of the Group within the programme terms and pre-set parameters.\nThe purpose of the Buyback Programme is to return surplus capital to shareholders and reduce the Group's share capital. As such, all ordinary shares repurchased by the Group under the Buyback Programme will be cancelled. It is expected that the Buyback Programme may take around 18 months to complete.\nShare purchases under the Buyback Programme will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volumes. The Buyback Programme will be effected under the authority granted by shareholders at the Group's 2022 Annual General Meeting (which authority is expected to be renewed at the 2023 Annual General Meeting). The Buyback Programme will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the UK, from time to time, including, where relevant, pursuant to the UK's European Union (Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as applicable laws and the regulations of the UK Financial Conduct Authority (including Chapter 12 of the Listing Rules). \nMears will, in conjunction with its joint brokers, Numis and Panmure Gordon, monitor the level of liquidity in the issued Ordinary Shares and may determine that, in order to proceed with the Buyback Programme in an effective and timely manner, the Buyback Programme may on any given trading day exceed 25 per c...