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Smiths Group Plc
Smiths Group PLC - SHARE BUYBACK PROGRAMME
13th November 2024, 09:45
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RNS Number : 0960M
Smiths Group PLC
13 November 2024
 

13 November 2024

 

SMITHS GROUP PLC

 

SHARE BUYBACK PROGRAMME

 

Smith Group plc ("Smiths" or "the Company") announces that, in connection with the share buyback programme (the "Programme") of £100 million announced on 26 March 2024, Smiths is increasing the total amount of this entire programme from £100 million to £150 million. The first £50 million tranche of the Programme commenced on 26 March 2024 and concluded on 9 September 2024. Smiths will commence the second tranche of the Programme to purchase ordinary shares in the capital of the Company (the "Ordinary Shares") with a value of up to £100 million on 14 November 2024, subject to remaining within the Company's general authority to repurchase Ordinary Shares being sought from shareholders at its Annual General Meeting ('AGM') on 13 November 2024, up to a maximum of 34,456,378 Ordinary Shares.  Smiths expects to complete the second tranche by the end of its FY25 financial year.

The purpose of the Programme is to reduce the share capital of Smiths and therefore the Ordinary Shares purchased under the Programme will be cancelled.

The Company has entered into an agreement with J.P. Morgan Securities plc ('JPMS plc') under which it has issued an instruction to JPMS plc to manage the second tranche of the Programme. JPMS plc will carry out the instruction through the acquisition of Ordinary Shares in the Company for subsequent repurchase and cancellation by the Company. This arrangement is in accordance with the Company's general authority to repurchase Ordinary Shares, Chapter 9 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).

Enquiries:

 

Investor enquiries

Media enquiries

Siobhán Andrews, Smiths Group

+44 (0)7920 230093

siobhan.andrews@smiths.com

 

Tom Steiner, Smiths Group

+44 (0)7787 415 891

tom.steiner@smiths.com

Matthew Whyte

Company Secretary

+44 (0) 7775 982 879

Matthew.whyte@smiths.com


 

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

 

About Smiths Group

For over 170 years, Smiths has been pioneering progress by engineering a better future. We serve millions of people every year, to help create a safer, more efficient and productive, and better-connected world across four global markets: energy, safety & security, aerospace & defence, and general industrial. Listed on the London Stock Exchange, Smiths employs c.15,000 colleagues in over 50 countries. For more information visit www.smiths.com

 

 

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