Share buyback programme

RNS Number : 6084C

M. P. Evans Group PLC

02 October 2018

 

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 that it intends to commence a share buyback programme of £1 million (the "Programme").

The Board believes 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 progressively increasing 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 15 June 2018, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The Programme will have a duration of up to 3 calendar months. The board will keep the programme under review and will make a decision in due course on whether to extend it.

In order to implement the Programme, MP Evans has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 10p shares. 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

 

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