Share buyback extension

RNS Number : 5200Z

M. P. Evans Group PLC

15 September 2022

 

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 (the "Programme"), originally due to expire on 16 September 2022, up to 31 December 2022 and to increase the budget for the Programme by a further £2 million.

Since commencing the Programme, the Group has purchased 203,839 shares at an average price of £8.64 per share and the total cost to date of the shares purchased is £1.8 million out of the approved budget of £2 million. All shares acquired under the Programme have been or will be cancelled.

The Board continues to believe the current share price 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 enhance earnings. 

The Group is undertaking this Programme as part of a disciplined approach to capital allocation, which includes continuing investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of dividends at an increased level. The Board sees a case for buybacks being economically attractive since the Group's shares are currently trading below the share price implied by the independent valuation 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 10 June 2022, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The board will continue to keep the Programme under review and will make a decision in due course on whether to further extend either 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 continue to be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.

15 September 2022

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
Peter Hadsley-Chaplin - chairman
Matthew Coulson - chief executive
Peel Hunt LLP (Nomad and joint broker)	Telephone: [phone]
Dan Webster, Andrew Clark, Lalit Bose
finnCap (Joint broker)	Telephone: [phone]
Tim Redfern, Harriet Ward
Hudson Sandler (Financial PR)	Telephone: [phone]
Charlie Jack, Francis Kerrigan

 

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