Launch of Share Buyback Programme

RNS Number : 9130Z

Avon Protection PLC

28 January 2022

 

28 January 2022

Avon Protection plc

LAUNCH OF SHARE BUYBACK PROGRAMME

Avon Protection plc ("Avon Protection" or the "Group") is pleased to announce that it intends to commence a share buyback programme in respect of its ordinary shares of £1 each ("Ordinary Shares") up to a maximum consideration of £18.5 million (U.S. $25 million), from the date of this announcement (the "Share Buyback Programme").

The purpose of the Share Buyback Programme is to reduce the share capital of the Group in order to return value to shareholders.

Avon Protection plans to execute the buy-back in two tranches. In respect of the first tranche, Avon Protection announces that it has entered into an irrevocable non-discretionary instruction with Jefferies International Limited ("Jefferies")  in relation to the purchase by Jefferies, acting as principal during the period commencing on [28] January 2022 and ending no later than 30 May 2022, of Ordinary Shares for an aggregate consideration (excluding expenses) of no greater than £9.25 million and the simultaneous on-sale of such Ordinary Shares by Jefferies to Avon Protection, where they will be held in treasury. Jefferies will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of, and uninfluenced by, the Group. It is anticipated that the second tranche, subject to a separate instruction, will commence promptly on completion of the first.

The Share Buyback Programme will be conducted within certain pre-set parameters, and in accordance with the general authority to repurchase shares expected to be granted by the Group's shareholders at the 2022 Annual General Meeting later today, Chapter 12 of the UK Listing Rules and the provisions of the Market Abuse Regulation 596/2014/EU as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019 ("UK MAR") and the Commission Delegated Regulation 2016/1052/EU as amended by Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019 which both form part of the law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

Avon Protection will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.

For further enquiries, please contact:

Avon Protection plc

Nick Keveth, Chief Financial Officer                                                                             [phone]

Miles Ingrey-Counter, Company Secretary

Rachael Stevens, Director of Investor Relations                                                   

MHP Communications

Andrew Jaques           + 44 203 128 8570

Charlie Barker   [e-mail]

Peter Lambie 

Legal Entity Identifier: 213800JM1AN62REBWA71

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") EU no.596/2014. Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

Note to editors:

Avon Protection designs and produces life critical personal protection solutions for the world's militaries and first responders. With a portfolio that includes respiratory and ballistic protection products, Avon Protection's mission is to relentlessly advance the future of protection enhancing the performance, efficiency and capability of their customers whilst providing ever increasing levels of protection.

Avon Protection operates from 7 sites employing 1,000+ people and is listed on the London Stock Exchange (LSE: AVON).

For further information, please visit our website  www.avon-protection-plc.com .

 

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