EBT Share Purchase Programme

UP Global Sourcing Holdings PLC

17 August 2023

 

17 August 2023

UP Global Sourcing Holdings plc

("Ultimate Products" "the Company" or "the Group")

EBT share purchase programme

Ultimate Products, the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, est.1760) and Beldray (est.1872), announces that, in its capacity as trustee ("the Trustee") of the Ultimate Products Employee Benefit Trust (the "EBT"), JTC Employer Solutions Trustee Limited will commence a programme to buy ordinary shares of 0.25p each in the Company ("Ordinary Shares") for the period to 1 January 2024, up to an aggregate value of £325,000 (the "Programme").

The Trustee of the EBT will purchase Ordinary Shares in accordance with the Programme, which seeks to mitigate the dilutive impact of share option awards and to improve overall shareholder return.

The EBT currently holds, and held at the year end, 3,022,989 (31 July 2022: 2,958,630) Ordinary Shares which represent 3.4% (31 July 2022: 3.3%) of the Company's current issued share capital, with 481,977 shares (2022: 1,094,108 shares) having been used during the course of FY22 to satisfy the exercise of share options, and 546,336 shares (2022: nil shares) having been purchased in the open market. The Company currently has a total of 2,225,337 shares under option (31 July 2022: 3,137,704 shares under option).

The Trustee of the EBT has entered into arrangements with the Company's broker, Shore Capital Stockbrokers Limited to carry out on-market purchases of Ordinary Shares under the Programme, including on a discretionary basis independent of the Company in accordance with certain pre-set parameters, during any prohibited periods of the Company, as determined by the UK Market Abuse Regulation, which may fall during the period of the Programme.

For more information, please contact:

Ultimate Products [phone]

Simon Showman, CEO

Andrew Gossage, Managing Director

Chris Dent, Chief Financial Officer

Shore Capital [phone]

Mark Percy

Malachy McEntyre

David Coaten

Iain Sexton

Powerscourt [phone]

Rob Greening

Sam Austrums

Oliver Banks

Notes to Editors

Ultimate Products is the owner of a number of leading homeware brands including Salter (the UK's oldest houseware brand, established in 1760) and Beldray (a laundry, floor care, heating and cooling brand that was established in 1872). According to its market research, nearly 80% of UK households own at least one of the Group's products.

Ultimate Products sells to over 300 retailers across 38 countries, and specialises in five product categories: Small Domestic Appliances; Housewares; Laundry; Audio; and Heating and Cooling. Other brands include Progress (cookware and bakeware), Kleeneze (laundry and floorcare), Petra (small domestic appliances) and Intempo (audio).

The Group's products are sold to a broad cross-section of both large national and international multi-channel retailers as well as smaller national retail chains, incorporating discount retailers, supermarkets, general retailers and online retailers.

Founded in 1997, Ultimate Products employs over 370 staff, a significant number of whom have joined via the Group's graduate development scheme, and is headquartered in Oldham, Greater Manchester, where it has design, sales, marketing, buying, quality assurance, support functions and warehouse facilities across two sites. Manor Mill, the Group's head office, includes a spectacular 20,000 sq ft showroom that showcases each of its brands. In addition, the Group has an office and showroom in Guangzhou, China and in Cologne, Germany.

Please note that Ultimate Products is not the owner of Russell Hobbs. The company currently has licence agreements in place granting it an exclusive licence to use the "Russell Hobbs" trademark for cookware (NB this does not include Russell Hobbs electrical appliances).

For further information, please visit www.upgs.com

 

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