Source - LSE Regulatory
RNS Number : 9373J
Epwin Group PLC
10 April 2024
 

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10 April 2024

 

Epwin Group Plc

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

 

Extension of Share Buyback Programme

 

Epwin Group Plc (AIM: EPWN), the leading manufacturer of energy efficient and low maintenance building products, with significant market shares, supplying the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors is pleased to announce its decision to extend its existing share buyback programme originally announced on 27 November 2023 (the "Programme"). The decision to extend the Programme follows the anticipated completion today of the Programme's initial repurchase limit of 3 million ordinary shares of 0.05 pence each ("Ordinary Shares"), at a total cost of £2.3 million. The Programme is today being extended to allow the Company to repurchase up to a further 3 million Ordinary Shares from the date of this announcement.

In order to implement the extension of the Programme, the Company has extended its existing agreement with Shore Capital for it to carry out on-market purchases independent of the Company on an irrevocable and non-discretionary basis. The Programme will be conducted within certain pre-set parameters and at all times in accordance with the authority granted by shareholders to repurchase the Company's Ordinary Shares at the 2023 AGM held on 23 May 2023.

Following the extension of the Programme, it is currently envisaged that it will now end no later than 30 September 2024 unless the Company and Shore Capital agree otherwise (in which event an announcement would be made). The Programme may cease before that date if the Programme limit of 3 million ordinary shares is reached sooner, and the continuation of the Programme after the 2024 AGM on 21 May 2024 is subject to purchases of Ordinary Shares pursuant to the Programme remaining within the shareholder authority (if any) for the Company to purchase its Ordinary Shares that is granted at the 2024 AGM. The Programme is intended to reduce the share capital of the Company and as such repurchased Ordinary Shares will be cancelled.

Shareholders should be aware that the Programme will, insofar as is possible, continue to be conducted in accordance with the safe harbour parameters of MAR (as defined below); however, the Programme may on any given trading day represent a significant proportion of the daily trading volume in the Ordinary Shares on the London Stock Exchange and could exceed 25 per cent of the average daily trading volume. Accordingly, the Company may not benefit from the exemption contained in Article 5(1) in the UK version of the Market Abuse Regulations (Regulation (EU) No 596/2014) as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"). The Programme will not prevent the Company from making additional purchases of Ordinary Shares in accordance with the Company's general authority to repurchase Ordinary Shares where it considers it appropriate to do so.

 

Any market purchase of Ordinary Shares pursuant to the Programme will be announced no later than 7.30am on the business day following the day on which the purchase occurred.

 

This announcement contains inside information for the purposes of Article 7 of the UK version of the Market Abuse Regulation (EU) No.596/2014, which forms part of UK law by virtue of the European Union (Withdrawal) Act 2018. The Company confirms that it currently has no other unpublished price sensitive information.

 

Contact information

 

Epwin Group Plc

Jon Bednall, Chief Executive

Chris Empson, Group Finance Director

 

 

078 3262 3818

 

Shore Capital (Nominated Adviser and Joint Broker)

Corporate Advisory

Daniel Bush / Iain Sexton

 

Corporate Broking

Fiona Conroy

 

Zeus Capital Limited (Joint Broker)

Dominic King / Nick Searle

 

 

 0207 408 4090

 

 

 

 

 

 

0203 829 5000

 

MHP Communications

Reg Hoare / Charlie Barker / Finn Taylor

078 3262 3818

epwin@mhpgroup.com

 

 

About Epwin

Epwin is the leading manufacturer of energy efficient and low maintenance building products, with significant market shares, supplying the Repair, Maintenance and Improvement ("RMI"), new build and social housing sectors.

 

The Company is incorporated, domiciled and operates principally in the United Kingdom.

 

Information for investors can be accessed www.epwin.co.uk/investors/

 

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