11 June 2021
("Pittards" or the "Company")
Share Buyback Programme and Corrective Share Buyback
Pittards plc (AIM: PTD), the AIM listed manufacturer of specialty leather, announces a share buyback programme to make market purchases of ordinary shares of 50 pence each in the capital of the Company ("Ordinary Shares"). The share buyback programme can commence from the date of this announcement and will expire at the AGM in 2022 or if the aggregate value of Ordinary Shares purchased equals £350,000 (the "Programme").
The Company will seek to make market purchases when appropriate and when it believes they will be value-enhancing for the Company's shareholders. The purchased shares will be held in treasury and may be utilised, inter alia, to meet obligations arising from the Company's share option programmes. Purchases pursuant to the Programme will be made under the existing authority of the Company to make market purchases of its own shares obtained at its last Annual General Meeting held on 12 May 2021 (the "Authority").
The Authority permits the purchase of a maximum of 2,083,303 Ordinary Shares at a maximum price (excluding expenses) of 105 per cent; of the average middle market quotation of an Ordinary Share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the date of purchase and a minimum price of 30 pence per share.
Shareholders should be aware that a purchase of Ordinary Shares by the Company on any given trading day may represent a significant proportion of the daily trading volume in the Pittards Ordinary Shares and could exceed 25 per cent of the average daily trading volume in both the month preceding this announcement and the 20 trading days preceding the date of purchase.
The Company also announces today it will undertake a Corrective Share Buyback utilising the Authority. On 16th November 2020, the Company undertook a share buyback of 934,210 Ordinary Shares at a price of 38p per share. This transaction is now being rebooked with WH Ireland at the original transaction price of 38 pence. In accordance with the Disclosure and Transparency Rules (DTR 5.6.1R) the Company hereby notifies the market that immediately following the Corrective Share Buyback its issued share capital will remain at 13,888,690 Ordinary Shares, of which 934,210 will be held in Treasury. Therefore, the total number of voting rights in the Company will remain at 12,954,480 as previously advised. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
The Company will make further announcements in due course following the completion of any buyback of shares.
For further information please contact:
Stephen Yapp - Chairman
Reg Hankey - Chief Executive
Richard Briere - Chief Financial Officer
01527 830 630
WH Ireland (Nominated Adviser & Broker)
Mike Coe / Chris Savidge (Corporate Finance)
Jasper Berry (Corporate Broking)
0207 220 1666