Transaction in Own Shares

RNS Number : 8161Q

M. P. Evans Group PLC

15 September 2017

 

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 set at £5 million which began on 16 January 2017, by increasing its budget for the Programme by a further £2.5 million.   

Since commencing the Programme, the Group has purchased 683,277 shares at an average price of £7.25 per share and the total cost to date of the shares purchased is £4,957,110, representing almost all of the initially agreed budget.   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 board notes the Group's shares are currently trading well below the share price implied by the independent valuation of its assets undertaken at the end of last year. 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 Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 9 June 2017, 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. 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.

M.P. Evans Group PLC

Telephone: [phone]                    

Peter Hadsley-Chaplin, Chairman

Tristan Price, Chief executive

Matthew Coulson, Finance director

Peel Hunt LLP (NOMAD and Broker)

Telephone: [phone]

Dan Webster

Adrian Trimmings

George Sellar

Hudson Sandler

Telephone: [phone]

Charlie Jack

Bertie Berger

 

END

 

 

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