Commencement of Share Buyback Programme

RNS Number : 8190I

LSL Property Services PLC

21 April 2022

 

For immediate release    21 April 2022

LSL Property Services plc ("LSL" or "the Company")

Commencement of Share Buyback Programme

LSL today announces the start of a share buyback programme for a tranche of up to £10 million.

The Company has appointed its broker Numis Securities Limited ("Numis") to manage the non-discretionary share buyback programme to repurchase ordinary shares on its behalf up to a maximum consideration of £10 million, for a period commencing today and ending no later than 30 June 2022 (the "Share Buyback Programme"). The return of excess capital to shareholders through the Share Buyback Programme will be funded by cash resources.

The Share Buyback Programme will be conducted in accordance with the Company's general authority to purchase up to a maximum of 10,515,895 ordinary shares, granted by shareholders at its AGM on 23 June 2021, and the continuation of the Share Buyback Programme will be subject to the renewal by the shareholders of the repurchase general authority at the Company's forthcoming AGM on 27 May 2022. The Share Buyback Programme will also be effected within the parameters prescribed by the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (each as in force in the UK, from time to time, including, where relevant, pursuant to the UK's Market Abuse (Amendment) (EU Exit) Regulations 2019) ("MAR").

Share repurchases will be made on the Company's behalf and in accordance with the arrangement with Numis in open market transactions, depending on market conditions, share price and trading volume. The maximum price paid per ordinary share will be limited to be no more than the higher of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five business days before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. It is intended that the repurchased share be held in treasury. Such treasury shares are not entitled to dividends and have no voting rights at the Company's general meetings.

Due to the limited liquidity in the issued ordinary shares, a buyback of ordinary shares pursuant to the Share Buyback Programme on any given trading day may represent a significant proportion of the daily trading volume in the ordinary shares on the London Stock Exchange and may exceed 25 per cent of the average daily trading volume and, accordingly, the Company may not benefit from the exemption contained in Article 5(1) of MAR.

Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following any repurchase as required by the MAR and the Listing Rules of the FCA. LSL confirms that currently it has no other unpublished inside information other than the information that has been communicated within this announcement.

For further information, please contact:

David Stewart, Group CEO Adam Castleton, Group CFO
LSL Property Services plc	[e-mail]
Helen Tarbet Sophie Wills
Buchanan	0207 466 5000 / [e-mail]

Notes on LSL

LSL is one of the largest providers of services to mortgage intermediaries and mortgage and protection advice to estate agency customers, completing around £41bn of mortgages in 2021. It represents around 10% of the total purchase and remortgage market with around 2,900 financial advisers. PRIMIS was named Best Network by Money Marketing in their 2021 awards.

LSL is one of the UK's largest providers of surveying and valuation services, supplying seven out of the ten largest lenders in the UK, employing around 500 operational surveyors, and performing over 500,000 valuations and surveys per annum for key lender clients. It was named Mortgage Surveyor of the Year at the 2021 Mortgage Awards with Money Age.

LSL also operates a network of 225 owned and 128 franchised estate agency branches.

For further information please visit LSL's website: lslps.co.uk 

 

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