Extension of share buyback programme

RNS Number : 6368D

M. P. Evans Group PLC

27 June 2019

 

M.P. EVANS GROUP PLC ("MP EVANS" OR "THE GROUP")

Share buyback programme

The board of directors of MP Evans (the "Board") is pleased to announce its decision to extend the share buyback programme originally started on 2 October 2018 for three months and subsequently extended by six months (the "Programme").  The Programme was due to expire on 30 June 2019, and has been extended by a further six months up to 31 December 2019.

Since commencing the Programme, the Group has purchased 213,939 shares at an average price of £6.86 per share and the total cost to date of the shares purchased is £1.47 million out of the approved budget of £3.00 million.  All shares acquired under the Programme have been or will be cancelled.

The Board continues to believe that the current share price substantially undervalues the Group's assets, the performance of the business to date and its future prospects. The Group's robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels that will be earnings enhancing.

The Group is undertaking this Programme alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of dividends. The Board sees a case for buybacks being economically attractive since the Group's shares are currently trading well below the share price implied by independent valuations of its assets.

The Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 14 June 2019, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The board will keep the Programme under review and will make a decision in due course on whether to further extend its budget or duration.

As previously notified, MP Evans has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 10p shares to give effect to the Programme. The Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.

Enquiries:

M.P. Evans Group PLC	[phone]
Peter Hadsley-Chaplin	Chairman
Tristan Price	Chief executive
Matthew Coulson	Finance director
Peel Hunt LLP (Nomad and joint broker)	[phone]
Dan Webster
George Sellar
Guy Pengelley
finnCap (Joint broker)	[phone]
Tim Redfern
Chris Raggett
Hudson Sandler	[phone]
Charlie Jack
Bertie Berger Elfie Kent

 

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