Second tranche of the share buy-back programme

RNS Number : 9629M
Rotork PLC
27 September 2021
 

Rotork plc

Second tranche of the share buy-back programme

 

 

27 September 2021

 

Rotork plc (Rotork' or the 'Company') announces that it is commencing the second tranche of the Company's share repurchase programme announced on 18 August 2021 (the 'Programme').  Any of the Company's ordinary shares of 5 pence each ('Ordinary Shares') purchased by the Company will be cancelled.

 

The second tranche of the Programme will be carried out through an irrevocable non-discretionary agreement with J.P. Morgan Securities plc ('JPM'), pursuant to which JPM shall purchase Ordinary Shares as riskless principal (and not as agent of Rotork) for the subsequent sale on to, and purchase by, Rotork. The second tranche of the Programme will run from 27 September 2021 and end no later than 31 December 2021. The aggregate purchase price of all Ordinary Shares acquired under the second tranche of the Programme will be no greater than £30 million (excluding stamp duty and expenses). The maximum number of Ordinary Shares that can be purchased under the second tranche of the Programme is 10 million Ordinary Shares (based on authority granted at the Company's 2021 Annual General Meeting of 87.4 million Ordinary Shares). JPM will make its trading decisions in relation to the Ordinary Shares independently of, and uninfluenced by, the Company.

 

Any purchase of Ordinary Shares under the second tranche of the Programme will be carried out on the London Stock Exchange and any other UK recognised investment exchange which may be agreed, in accordance with pre-set parameters and in accordance with (and subject to limits prescribed by) the Company's general authority to repurchase Ordinary Shares granted by its shareholders at its 2021 Annual General Meeting, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018). Rotork will announce any market repurchases of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

 

 

Enquiries to:

 

 

 

Nick Hasell/Susanne Yule, FTI Consulting

Tel: +44 (0) 203 727 1340

Andrew Carter, Investor Relations Director, Rotork plc

Tel: +44 (0) 1225 733 200

 

 

Notes:

Legal Entity Identity: 213800AH5RZIHGWRJ718

 

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