Business
Continuation of Share Buyback Programme
Morgan Advanced Materials PLC announced the commencement of a third tranche (£10 million excluding expenses) of its share buyback programme. This follows the completion of the first tranche (£10 million) and the ongoing second tranche (£10 million, with £4.7 million already repurchased). The third tranche will begin immediately after the second tranche concludes and will run until July 31, 2026. The buyback aims to reduce the company's share capital, with purchased shares to be cancelled. The company's share capital currently comprises 279,227,909 ordinary shares and 437,281 cumulative preference shares. The total number of voting rights is 279,227,909. The buyback will not affect the existing dividend policy. Disclaimer*
About this update from Morgan Advanced Materials Plc
[{"type":"text","content":"\n\n22 August 2025\nMorgan Advanced Materials PLC\n(\"Morgan Advanced Materials\" or the \"Company\")\n \nContinuation of Share Buyback Programme\nOn 5 November 2024, Morgan Advanced Materials announced a share buyback programme of up to a maximum of £40 million (excluding expenses) (the \"Buyback Programme\"). On 7 March 2025, Morgan Advanced Materials announced that: (i) the first tranche of the Buyback Programme of up to a maximum of £10 million (excluding expenses) completed on 4 March 2025; and (ii) the second tranche of the Buyback Programme of up to a maximum of £10 million (excluding expenses) commenced on 5 March 2025 (\"Tranche 2\").\nHaving reviewed the progress of Tranche 2, the Board has determined that a third tranche of the Buyback Programme of up to a maximum of £10 million (excluding expenses) (\"Tranche 3\") should be commenced. The Company announces that it has today instructed Investec Bank plc (\"Investec\") to commence Tranche 3 immediately upon completion of Tranche 2, which will occur once shares to the value of £10 million (excluding expenses) have been repurchased by the Company under Tranche 2. Currently, shares to the value of £4.7 million have been repurchased by the Company under Tranche 2.\nA further announcement will be released in due course upon completion of Tranche 2 and the commencement of Tranche 3.\n \nDetails of Tranche 3\nMorgan Advanced Materials announces that, pursuant to Tranche 3, it has entered into an irrevocable, non-discretionary agreement with Investec, acting as riskless principal, to enable the Company to purchase up to £10 million (excluding expenses) of the Company's ordinary shares of 25 pence each (the \"Shares\"). Under the terms of the agreement, Investec will make its trading decisions independently of and uninfluenced by the Company in accordance with certain pre-set parameters. Any repurchases of Shares by the Company pursuant to Tranche 3 will be carried out on the London Stock Exchange and/or other recognised investment exchange(s). Tranche 3 will commence immediately upon the completion of Tranche 2 (which will occur once Shares to the value of £10 million (excluding expenses) have been repurchased by the Company under Tranche 2) and end no later than 31 July 2026. A further announcement will be made in due course upon completion of Tranche 2 and the comm...