Update on Share Buyback Programme

RNS Number : 4112S

MITIE Group PLC

14 July 2022

 

14 July 2022

Mitie Group plc

LEI number: 213800MTCLTKEHWZMJ03

Mitie Group plc  - Update on Share Buyback Programme

Mitie Group plc ("Mitie" or the "Group") today announces it has carried out a review of the progress of its Share Buyback Programme (the "Programme") announced 9 June 2022 to purchase up to £50m Ordinary Shares of 2.5 pence each, conducted within the exemption contained within Article 5(1) MAR. Since the commencement of the Programme the Group has purchased 9.1m Ordinary Shares at a total consideration of £5.4m (excluding expenses).

The Board has concluded that the current low liquidity in the issued Ordinary Shares is significantly impacting the progress of the Programme. In order to proceed with the Programme in an effective manner, the Group in discussions with its broker, Jefferies International Limited agreed that on any given trading day a buyback of shares under the Programme may be between 25 percent and 50 percent of the aggregated average daily trading volume across all trading platforms on which Mitie shares are traded. On days where a buyback of shares exceeds 25 per cent of the average daily trading volume, the Group will not fall within the exemption contained in Article 5(1) MAR.

No other changes have been made to the Programme or the basis on which it will be conducted (in each case as announced on 9 June 2022).

Details of any Ordinary Shares repurchased will be notified to a Regulatory Information Service by the Group following any repurchase as required by the MAR and the Listing Rules of the FCA.

For further information

Fiona Lawrence Group IR Director	M: [phone]	E:  [e-mail]
Claire Lovegrove Head of Media Relations	T: [phone] M: [phone]	E: [e-mail]
Richard Mountain FTI Consulting	M: [phone]	E. [e-mail]

About Mitie

Founded in 1987, Mitie's job is to look after places where Britain works and is the leading facilities management company in the UK. We offer a range of services to       Central Government and Defence    customers; Communities (Healthcare, Education and Local Authorities); Technical Services       (Engineering Services, Energy, Water and Real Estate Services) and Business Services       (Security, Cleaning and Office Services) to Private Sector clients in Financial Services, Manufacturing, Transport, Retail and Telecoms and increasingly to the public sector.     Finally,       our Specialist Services       (Care & Custody, Landscapes and Waste Management) division serves both the public and private sectors in these niche businesses.    

Mitie acquired Interserve's FM business in November 2020 and now employs 75,000 people. We are the champion of the 'Front-Line Heroes' who have kept Britain working during the COVID-19 pandemic. We take care of our customers' people and buildings, through the 'Science of Service', delivering essential services and deploying industry leading technology to create safe and effective workspaces. 

The business continues to execute its technology-led strategy and in the past six months has    received multiple awards   . 

Find out more at    www.mitie.com   .

 

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