Commencement of Share Buyback Programme

Johnson Service Group PLC

20 September 2023

 

20 September 2023

Johnson Service Group PLC

("JSG" or the "Company")

Commencement of Share Buyback Programme

On the 5 September 2023, in its Interim Results for the 6 months ended 30 June 2023, JSG announced its intention to launch a share buyback programme of up to £10.0 million (the "Buyback Programme").

As set out in the Interim Results, JSG employs a disciplined approach to investment, returns and capital efficiency to deliver sustainable compounding growth whilst also maintaining a strong balance sheet.  Having taken into consideration recent investments and the payment of declared dividends, the group has significant headroom under its committed facilities and target leverage of 1-1.5 times.  Accordingly, the Board considers that the Buyback Programme is prudent, reflects the cash generative ability of the group and maintains a strong balance sheet consistent with its capital allocation policy.

JSG announces that, pursuant to the Buyback Programme it has entered into a non-discretionary instruction with Investec Bank plc to purchase up to £10.0 million (excluding expenses) of the Company's Ordinary Shares of 10 pence (the "Shares") each and to make trading decisions under the Buyback Programme independently of the Company in accordance with certain pre-set parameters. The Buyback Programme will commence today and end no later than the 1 March 2024. From time to time, the Board will assess the progress of this Buyback Programme in light of the Company's capital allocation needs.

The purpose of the Buyback Programme is to reduce the share capital of the Company. As such, the Company will cancel any Shares purchased.

Any acquisitions of Shares will be carried out within certain pre-set parameters and in accordance with the Company's existing general authority to repurchase Shares. The Buyback Programme will be conducted within the parameters prescribed by the Market Abuse Regulation (596/2014) (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019).  Any repurchase of Shares will be announced no later than 7:30 am on the business day following the calendar day on which the repurchase occurred.

ENQUIRIES

Johnson Service Group PLC Peter Egan, CEO
Yvonne Monaghan, CFO
Tel: [phone]
Investec Investment Banking (NOMAD)	Camarco (Financial PR)
David Flin	Ginny Pulbrook
Carlton Nelson	Rosie Driscoll
Cameron MacRitchie	Letaba Rimell
Tel: [phone]	Tel: [phone]

 

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