Serco share repurchase programme

RNS Number : 3123K

Serco Group PLC

31 December 2020

 

31 December 2020

Serco Group plc

LEI: 549300PT2CIHYN5GWJ21

Serco share repurchase programme

Serco Group plc ('Serco', the 'Company' or 'the Group'), the international provider of services to governments, today provides this further announcement , in connection with the share repurchase programme of up to £40 million announced on 17 December.

Serco is commencing a programme (the 'Programme') to purchase its own shares with a value of up to £40 million.  This will occur during the period starting on 4 January 2021 and ending no later than 11 June 2021 (the 'Engagement Period').  The aggregate number of shares acquired by the Company shall not exceed the maximum of 122,338,063 shares authorised by shareholders at the 2020 Annual General Meeting.  It is intended that any shares repurchased under the program will be transferred into treasury and subsequently used either for existing employee share schemes or cancelled.

The Company has entered into an agreement with J.P. Morgan Securities plc (JPMS plc) under which it has issued an irrevocable instruction to JPMS plc to manage the Programme for the Engagement Period. JPMS plc will carry out the instruction through the acquisition of ordinary shares in the Company for subsequent repurchase by the Company.  This arrangement is in accordance with Chapter 12 of the UKLA Listing Rules and the Company's general authority to repurchase shares.

JPMS plc may undertake transactions in ordinary shares of the Company (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Engagement Period in order to manage its market exposure under the Programme.  Disclosure of such transactions will not be made by JPMS plc as a result of or as part of the Programme, but JPMS plc will continue to make any disclosures it is otherwise legally required to make.

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For further information please contact:

Paul Checketts, Head of Investor Relations, tel: [phone] or email: [e-mail]

Marcus De Ville, Head of Media Relations, tel: [phone] or email: [e-mail]

About Serco

Serco is a leading provider of public services. Our customers are governments or others operating in the public sector.  We gain scale, expertise and diversification by operating internationally across five sectors and four geographies: Defence, Justice & Immigration, Transport, Health and Citizen Services, delivered in UK & Europe, North America, Asia Pacific and the Middle East. More information can be found at www.serco.com

 

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