Business
Share buy-back programme
Share buy-back programme.
About this update from Melrose Industries Plc
[{"type":"text","content":"\n\n \n1 October 2024\n \nMELROSE INDUSTRIES PLC (THE \"COMPANY\")\n \n \nShare buy-back programme\n \nThe Company confirms that its £500 million share buyback programme, as announced on 2 October 2023, is now complete.\n \nThe Company announces that, in connection with its share buy-back programme announced on 1 August 2024 to repurchase ordinary shares of £0.001 each in the capital of the Company (the \"Ordinary Shares\") up to a maximum aggregate consideration of £250 million over a period of 18 months (the \"Programme\"), the Company has entered into an agreement with J.P. Morgan Securities plc (\"JPMS plc\") to commence the Programme on 1 October 2024.\n \nIn accordance with the Company's general authority to make market purchases of existing Ordinary Shares as granted by its shareholders at the Annual General Meeting held on 2 May 2024 (the \"General Authority\"), the Programme will purchase no more than 197,373,991 Ordinary Shares (as reduced by the Company's share repurchase activity since 2 May 2024) prior to the Company's next Annual General Meeting (or, if earlier, the close of trading on 30 June 2025). The continuation of the Programme beyond the conclusion of the Company's next Annual General Meeting (or, if earlier, the close of trading on 30 June 2025) will be subject to the Company obtaining fresh general authority from its shareholders at such Annual General Meeting.\n \nIt is intended that Ordinary Shares repurchased shall be either held in treasury or cancelled, in each case as notified to the market from time to time. Cancelling those shares will reduce the share capital of the Company whilst holding Ordinary Shares in treasury will give the Company the ability to cancel or re-issue such Ordinary Shares at a later date. Any purchases of Ordinary Shares by the Company in relation to the Programme will be conducted in accordance with the General Authority, any further approvals to repurchase shares as may be granted by its shareholders from time to time, the Market Abuse Regulation 596/2014 as it forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 (as amended and supplemented), and Chapter 9 of the Listing Rules.\n \nThe Programme will be carried out through a discretionary agreement with JPMS plc, pursuant to which JPMS plc ...