Commencement of Share Buyback Programme

Supreme PLC

06 February 2024

 

6 February 2024

Supreme plc

("Supreme" or the "Company" or the "Group")

Commencement of Share Buyback Programme

Further to its announcement of 29 January 2024, Supreme PLC (AIM: SUP), a leading manufacturer, supplier, and brand owner of fast-moving consumer goods, announces the commencement of an up to £1.0 million share buyback programme ("Share Buyback") of ordinary shares of £0.10 each in the capital of the Company ("Shares").

The Board considers that the Group's strong balance sheet and cash generation provides an opportunity to repurchase shares at attractive levels, taking advantage of current market conditions.  This initiative reflects the Board's confidence in the Group's future value and dedication to enhancing shareholder returns, alongside its continued investment in the Group's strategy. There will be no change to the Company's existing dividend policy.

In order to implement the Share Buyback, the Company has entered into an agreement with its broker, Shore Capital, on the following basis:

·    the agreement enables Shore Capital to carry out on-market purchases of Shares independent of the Company and on an irrevocable and discretionary basis;

·    the Share Buyback will be executed within certain pre-set parameters and in accordance with the authorities granted by the Company's shareholders at the annual general meeting held on 26 September 2023;

·    the Share Buyback will commence today, 6 February 2024 and is expected to complete no later than 30 April 2024. Any extension to this period will require the agreement of the Company and Shore Capital, and would be subject to a further announcement; and

·    any Shares purchased as part of the Share Buyback will be cancelled, and will therefore reduce the issued share capital of the Company accordingly.

Shareholders should be aware that the Share Buyback will, insofar as is possible, be conducted in accordance with the safe harbour parameters of MAR (as defined below); however, the Share Buyback may on any given trading day represent a significant proportion of the daily trading volume in the Ordinary Shares on the London Stock Exchange and could exceed 25 per cent of the average daily trading volume. Accordingly, the Company may not benefit from the exemption contained in Article 5(1) in the UK version of the Market Abuse Regulations (Regulation (EU) No 596/2014) as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). The Share Buyback will not prevent the Company from making additional purchases of Shares in accordance with the Company's general authority to repurchase shares where it considers appropriate to do so.

Any market purchase of Shares pursuant to the Share Buyback will be announced no later than 7.30am on the business day following the day on which the purchase occurred.

Enquiries:

Supreme plc Sandy Chadha, Chief Executive Officer Suzanne Smith, Chief Finance Officer	via Vigo Consulting
Shore Capital (Nominated Adviser and Joint Broker) Mark Percy / David Coaten / Rachel Goldstein - Corporate Advisory Ben Canning - Corporate Broking	[phone]
Zeus (Joint Broker) Jordan Warburton / Alex Campbell-Harris - Investment Banking Benjamin Robertson - Corporate Broking	[phone]
Vigo Consulting (Financial Public Relations) Jeremy Garcia / Kendall Hill [e-mail]	[phone]

​About Supreme

Supreme supplies products across five categories; Batteries, Lighting, Vaping, Sports Nutrition and Wellness, and Branded Distribution. The Company's capabilities span from product development and manufacturing through to its extensive retail distribution network and direct to consumer capabilities. This vertically integrated platform provides an excellent route to market for well-known brands and products.

The Group has over 3,300 active business accounts with retail customers who manage over 10,000 branded retail outlets. Customers include B&M, Home Bargains, Poundland, Tesco, Sainsburys, Morrisons, Amazon, The Range, Costcutter, Asda, Halfords, Iceland and HM Prison & Probation Service.

In addition to distributing globally-recognised brands such as Duracell, Energizer and Panasonic, and supplying lighting products exclusively under the Energizer, Eveready, Black & Decker and JCB licences across 45 countries, Supreme has also developed brands in-house, most notably 88Vape and has a growing footprint in Sports Nutrition and Wellness via its principal brands Sci-MX and Battle Bites.

https://investors.supreme.co.uk/

 

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