Extension to Share Buyback Programme

RNS Number : 0427Q

LSL Property Services PLC

24 June 2022

 

      24 June 2022

LSL Property Services plc ("LSL")

Extension to Share Buyback Programme

On 21 April 2022, LSL announced that it had appointed Numis Securities Limited ("Numis") to manage its non-discretionary share buyback programme and repurchase LSL's ordinary shares on its behalf up to a maximum consideration of £10 million, for a period ending no later than 30 June 2022 (the "Original Programme").

LSL today announces that the Board has resolved to extend the Share Buyback Programme, which was expected to complete on 30 June 2022, for a further three months. Accordingly, the extended programme will end no later than 30 September 2022, unless completed earlier (the " Extended Programme " ). LSL also announces that Numis has been instructed to continue the share buyback programme on an irrevocable basis within certain pre-set parameters, during the forthcoming closed period, which commences on 24 June 2022 and will end on the day that LSL publishes its interim results. During the closed period, Numis will conduct the Extended Programme on the LSL's behalf and make trading decisions under the Extended Programme independently of LSL. As of 23 June 2022, 360,273 ordinary shares had been repurchased pursuant to the Original Programme, representing an aggregate consideration of £1.3 million. Accordingly, the total size of the Extended Programme shall be up to £8.7 million.

As with the Original Programme, the Extended Programme will be conducted in accordance with LSL's general authority to purchase up to a maximum of 10,515,895 ordinary shares, granted by shareholders at its AGM on 27 May 2022. The Extended 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 made pursuant to the Extended Programme will be made on LSL'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 LSL'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 shares be held in treasury. Such treasury shares are not entitled to dividends and have no voting rights at LSL's general meetings.

Due to the limited liquidity in the issued ordinary shares, a buyback of ordinary shares pursuant to the Extended 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, LSL 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 LSL following any repurchase as required by the MAR and the Listing Rules of the FCA. LSL confirms that currently it is not, in its assessment, in procession of any unpublished inside information.

For further information, please contact:

David Stewart, Group CEO Adam Castleton, Group CFO
LSL Property Services plc	[e-mail]
Helen Tarbet George Beale
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 re-mortgage market with around 2,900 financial advisers. PRIMIS was named Best Network by Money Marketing in their 2021 awards and Best Network, 300+ appointed representatives at the 2022 Mortgage Strategy 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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