Hargreaves Services Plc
Share Buyback Programme
Hargreaves Services plc ("Hargreaves" or the "Company") has appointed N+1 Singer Capital Markets Ltd to manage an irrevocable buyback programme during its close period within certain pre-set parameters. The close period will commence tomorrow and will run until the announcement of the interim results on 17 February 2015. The maximum price to be paid is limited to no more than 105 per cent. of the average middle market closing price of the Company's shares for the 5 dealing days preceding the date purchase. Any shares purchased will count towards the Company's general buyback authority of 10 per cent. of the issued share capital, as approved at the AGM on 5 November 2014. Any shares purchased will be held in treasury.
Due to liquidity constraints, in order to ensure that the reduction in capital is efficiently implemented over an appropriate timescale, the purchase of the Company's shares under the programme on any trading day is likely to represent a significant proportion of the daily trading volume in the Company's shares on the Exchange. This may materially exceed the 25 per cent. and 50 per cent. limits of the average daily trading volume as referred to in the safe harbour provisions.
Hargreaves confirms that it currently has no unpublished price sensitive information.
Contacts
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Hargreaves Services |
0191 373 4485 |
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Gordon Banham, Group Chief Executive |
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Iain Cockburn, Group Finance Director |
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Buchanan |
0207 466 5000 |
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Mark Court / Fiona Henson / Sophie Cowles |
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N+1 Singer (Nomad & Joint Broker) |
0207 496 3000 |
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Sandy Fraser / Nick Owen |
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Jefferies International Limited (Joint Broker) |
0207 029 8000 |
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Sara Hale / Harry Nicholas |
This information is provided by RNS