Source - LSE Regulatory
RNS Number : 7428W
M. P. Evans Group PLC
13 December 2019
 

M.P. EVANS GROUP PLC ("MP EVANS" OR "THE GROUP")

Share buyback programme

The board of directors of MP Evans (the "Board") is pleased to announce that it intends to commence a new share buyback programme of £1 million (the "New Programme") on 1 January 2020 to replace its current share buyback programme once this expires on 31 December 2019.   All shares acquired under the New Programme will be cancelled.

The Board believes that the current share price substantially undervalues the Group's assets, the performance of the business to date and its future prospects. The Group's robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels that will be earnings enhancing.

The Group is undertaking this New Programme alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of progressively increasing dividends. The Board sees a case for buybacks being economically attractive since the Group's shares are currently trading well below the share price implied by independent valuations of its assets.

The New Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 14 June 2019, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The New Programme will have a duration of up to 6 calendar months. The board will keep the New Programme under review and will make a decision in due course on whether to extend it.

In order to implement the New Programme, MP Evans has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 10p shares. The New Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.

Enquiries:

M.P. Evans Group PLC

+44 (0)1892 516333

Peter Hadsley-Chaplin

Chairman

Tristan Price

Chief executive

Matthew Coulson

Finance director



Peel Hunt LLP (Nomad and joint broker)

+44 (0)20 7418 8900

Dan Webster


George Sellar


Andrew Clark




finnCap (Joint broker)

+44 (0)20 7220 0500

Tim Redfern


Chris Raggett




Hudson Sandler

+44 (0)20 7796 4133

Charlie Jack


Bertie Berger

Elfie Kent


 


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