Update on Share Buyback Programme

RNS Number : 9805Y

Speedy Hire PLC

09 September 2022

 

Speedy Hire Plc

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

  9 September 2022

Update on Share Buyback Programme

Speedy, the UK's leading provider of tools and equipment hire, and services to the construction, infrastructure and industrial markets, today gives an update on its £30 million share buyback programme.  Since the announcement of the share buyback programme on 27 January 2022, Speedy has repurchased 36,197,678 ordinary shares, at a total cost of £17.6 million (excluding expenses).

As announced yesterday, shareholders granted the Board a renewed general authority at Speedy's Annual General Meeting ("AGM") to make market purchases of ordinary shares. In light of this shareholder support, and the announced intention of the Board to continue the share buyback programme for the balance of the £30 million, the Board has resolved to continue the share buyback programme on that basis under the new general authority.

Speedy has entered into variation letters with Liberum Capital Limited ("Liberum") and Panmure Gordon (UK) Limited ("Panmure Gordon") to continue the buyback programme until no later than 30 September 2023 ("Extended Share Buyback Programme").  The Extended Share Buyback Programme is in accordance with Speedy's general authority to purchase a maximum of 50,613,543 ordinary shares granted at the AGM.

The purpose of the Extended Share Buyback Programme is to reduce the Company's share capital. The Extended Share Buyback programme will be conducted within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (each as in force in the UK from time to time, including where relevant pursuant to the Market Abuse (Amendment)(EU Exit) Regulations 2019). Other than the extension of the period for which the Extended Share Buyback Programme will now run, no other changes have been made to the terms of the programme. The Company confirms that it currently has no unpublished price sensitive information.

Speedy will make further regulatory announcements in respect of repurchases of ordinary shares as required by the Market Abuse Regulation and the Listing Rules of the FCA, including as to whether those shares have been cancelled or are held in treasury.

Enquiries:

Speedy Hire Plc Russell Down, Chief Executive James Bunn, Chief Financial Officer	Tel: [phone]
MHP Communications Oliver Hughes Andrew Jaques	Tel: [phone]

Notes to Editors:  Founded in 1977, Speedy is the UK's leading provider of tools and equipment hire services to a wide range of customers in the construction, infrastructure and industrial markets, as well as to local trade and industry.  The Group provides complementary support services through the provision of training, asset management and compliance services. Speedy is certified nationally to ISO50001, ISO9001, ISO14001, ISO17020, ISO27001 and ISO45001. The Group operates from c.200 fixed sites and selected B&Q stores across the UK and Ireland together with a number of on-site facilities at client locations and through a joint venture in Kazakhstan.

 

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