Renewal of Share Buyback Programme

RNS Number : 6007U

Michelmersh Brick Holdings PLC

29 March 2023

 

29 March 2023

Michelmersh Brick Holdings Plc

("MBH", the "Company", or the "Group")

Renewal of Share Buyback Programme

Michelmersh Brick Holdings Plc (AIM: MBH), the specialist brick manufacturer, today announces that it intends to re-commence a share buyback programme in respect of its ordinary shares of 20 pence each ("Ordinary Shares") up to a maximum consideration of 2.8 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.

The Share Buyback Programme was first announced on 24 November 2023, but the initial term of the programme has now lapsed.

Michelmersh today announces that it has re-entered into an irrevocable non-discretionary instruction with Canaccord Genuity Limited ("Canaccord")  in relation to the purchase by Canaccord, acting as principal during the period commencing on 29 March 2023 and ending no later than 30 June 2023, of Ordinary Shares for an aggregate consideration (excluding expenses) of no greater than 2.8 million and the simultaneous on-sale of such Ordinary Shares by Canaccord to Michelmersh, where they will be held in treasury. Canaccord will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of, and uninfluenced by, the Group.

The Share Buyback Programme will be conducted within certain pre-set parameters, and in accordance with the general authorities to repurchase shares granted by shareholders at the Group's Annual General Meetings, 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.

Michelmersh 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.

Michelmersh Brick Holdings Plc Frank Hanna, Joint Chief Executive Officer Ryan Mahoney, Chief Financial Officer	Tel: [phone]
Canaccord Genuity Limited (NOMAD and Joint Broker) Max Hartley Bobbie Hilliam Harry Pardoe	Tel: [phone]
Berenberg (Joint Broker) Richard Bootle Detlir Elizi Tom Graham	Tel: [phone]
Yellow Jersey PR Charles Goodwin Annabelle Willis	Tel: [phone] Tel: [phone]

The information contained within this announcement is deemed to constitute inside information as stipulated under the UK Market Abuse Regulations. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

About Michelmersh Brick Holdings PLC:

Michelmersh Brick Holdings PLC is a business with seven market leading brands: Blockleys, Carlton, Charnwood, Freshfield Lane, Michelmersh, Floren and Hathern Terra Cotta. These divisions operate within a fully integrated business combining the manufacture of clay bricks and pavers. The Group also includes a landfill operator, New Acres Limited, and seeks to develop future landfill and development opportunities on ancillary land assets.

Established in 1997, the Company has grown through acquisition and organic growth into a profitable and asset rich business, producing over 120 million clay bricks and pavers per annum. Michelmersh currently owns most of the UK's premium manufacturing brick brands and is a leading specification brick and clay paving manufacturer.

Michelmersh strives to be a well invested, long term, sustainable, environmentally responsible business. Opportunity, training and security for all employees, whilst meeting the needs of stakeholders are at the forefront of everything we do. We aim to lead the way in producing some of Britain's premium clay products and enhancing our environment by adding value to the architectural landscape for generations to come.

We are Michelmersh Brick Holdings PLC: we are "Britain's Brick Specialist".

Please visit the Group's websites at:   www.mbhplc.co.uk  and www.bimbricks.com

 

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