Share buyback extension

RNS Number : 7457T

M. P. Evans Group PLC

21 March 2023

 

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 31 March 2023, up to 9 June 2023 and to increase the budget for the Programme by a further £2 million.

Since commencing the Programme, the Group has purchased 712,526 shares at an average price of £8.44 per share and the total cost to date of the shares purchased is £6 million, thus utilising the full budget to date. All shares acquired under the Programme have been 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.

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.

21 March 2023

Enquiries:

M.P. Evans Group PLC	Telephone: [phone]
Peter Hadsley-Chaplin - chairman
Matthew Coulson - chief executive Luke Shaw - chief financial officer
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, Amelia Craddock

 

END

 

 

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