STEM.L

SThree Plc
SThree plc - Commencement of Share Buyback
19th December 2024, 07:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 6652Q
SThree plc
19 December 2024
 

 

19 December 2024

 

SThree plc

Commencement of Share Buyback Programme

 

On 12 December 2024, in its Trading Update for the financial year ended 30 November 2024, SThree plc ("SThree" or the "Company") announced its intention to launch a share buyback programme of up to £20 million (the "Share Buyback Programme").

 

SThree has entered a non-discretionary agreement with each of Investec Bank plc ("Investec") and Joh. Berenberg, Gossler & Co. KG, London Branch ("Berenberg", together, the "Brokers") to execute the buyback for an aggregate value of up to £20 million (excluding any associated costs and stamp duty) of the Company's Ordinary Shares of 1 pence each (the "Shares") and to make trading decisions under the Share Buyback Programme independently of the Company in accordance with certain pre-set parameters. During any closed periods the Company and its Directors have no power to invoke any changes to the programme and it will be executed at the sole discretion of the Brokers. The Share Buyback Programme will commence today and end no later than the Company's FY25 Half Year Results.

 

The purpose of the Share Buyback Programme is to reduce the share capital of the Company. As such, the Company will cancel any Shares purchased. The Directors of the Company consider the Share Buyback Programme to be in the best interests of the Company and its shareholders, returning surplus capital to shareholders, whilst maintaining the financial flexibility to invest in the Group's strategy.

                                   

Any share purchases will be made by the Company within certain pre-set parameters and in accordance with the general authority of the Company to repurchase shares granted by shareholders at the Company's Annual General Meeting held on 25 April 2024, which permits the Company to purchase no more than 13,487,250 ordinary shares.

 

The Share Buyback Programme will be conducted in compliance with Chapter 12 of the Financial Conduct Authority's Listing Rules and with European Union (EU) Regulation No 596/2014 ("MAR") and the MAR buyback technical standards (Commission Delegated Regulation (EU) 2016/1052) (the "Technical Standards"), both of which form part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018.

 

The Company will initially rely on the safe harbour conditions for trading set out in Article 3(2) and Article 3(3) of the Technical Standards. However, if the safe harbour conditions were to constrain the Company's ability to execute the Share Buyback Programme within the targeted timeframe given, for example, share illiquidity, the Company may subsequently decide and announce its intention to trade outside of the safe harbour conditions.

 

The Company will make further announcements in due course following the completion of any repurchases. There is no guarantee that the Share Buyback Programme will be implemented in full or that any Ordinary Shares will be repurchased by the Company.

 

At the time of this announcement, the Company's share capital comprises 135,571,025 Ordinary Shares with voting rights.

 

Enquiries:

 

 

SThree plc



Timo Lehne, CEO

Andrew Beach, CFO

Keren Oser, Investor Relations Director

 

 

 via Alma

Alma Strategic Communications

+44 20 3405 0205

 

Rebecca Sanders-Hewett

Hilary Buchanan

Sam Modlin

Will Ellis Hancock

SThree@almastrategic.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCEAEAPFEALFAA]]>
TwitterFacebookLinkedIn