23
December 2024
Bodycote
plc
Extension
of share buyback programme
Further to
the announcement made on 12 December
2024, Bodycote plc (”Company”),
the world's leading provider of heat treatment and specialist
thermal processing services, today confirms its
intention to extend the current share buyback programme, as
originally announced on 15 March 2024
('Programme'), by a further £30 million, resulting in a total
maximum aggregate consideration of £90 million being allocated to
the Programme.
On
22 January 2024, Bodycote announced a
plan to return £60 million to shareholders to be completed by
March 2025. The first £30 million
tranche of the Programme, undertaken by HSBC Bank plc (‘HSBC’),
commenced on 15 March 2024 and
concluded on 23 July
2024.
The second
£30 million tranche of the Programme, which commenced on
30 July 2024 and is being undertaken
by Jefferies, is now largely complete and will conclude by
30 January 2025.
The
Company has now entered into a further agreement with HSBC to
execute an additional £30 million share
buyback as an extension to the original Programme (the 'Extended
Programme') to start immediately following completion of the second
tranche of the programme. Under this arrangement, HSBC will carry
out on-market purchases of ordinary shares . HSBC will make its
trading decisions in relation to the Extended Programme
independently of, and uninfluenced by, the Company. Purchases may
continue during any close period to which the Company is subject
during the Extended Programme.
The
Extended Programme will otherwise continue to be subject to the
same parameters, and for the same purpose, as set out in the
Company's announcement of 15 March
2024, in particular with respect to the volume of shares
that can be traded. The maximum number of shares which can be
repurchased under the Programme is currently 13,408,869. The
Extended Programme will be conducted at all times within the limits
of the applicable authority granted by shareholders at the 2024 AGM
to repurchase the Company's ordinary shares in issue and, post the
2024 AGM, if approval is granted by the shareholders, in accordance
with the general authority to repurchase shares granted at that
meeting. It is anticipated that the Extended Programme will end no
later than July 2025.
This
Extended Programme will be conducted in accordance with the
Company's general authority to repurchase Ordinary Shares, Chapter
9 of the FCA’s Listing Rules, and in accordance with the parameters
prescribed by the Market Abuse Regulation 596/2014 (as it forms
part of UK law pursuant to the European Union (Withdrawal) Act
2018). Share purchases in relation to the Extended Programme will
be carried out on the open market via the London Stock Exchange
and/or other recognised investment exchange(s) for the purposes of
section 693 of the Companies Act 2006 and may be made from time to
time depending on market conditions, share price, trading volume
and other factors. Purchases may continue during any closed period
to which the Company is subject during the engagement
period.
About Bodycote
With more than 155 accredited facilities in 22 countries, Bodycote
is the world's largest provider of thermal processing services.
Through Specialist Technologies and Precision Heat treatment,
Bodycote improves the properties of metals and alloys, extending
the life of vital components for a wide range of industries,
including aerospace, defence, automotive, power generation,
medical, oil & gas, construction, and transportation. Customers
in all of these industries have entrusted their products to
Bodycote's care for more than 50 years. For more information,
visit www.bodycote.com.
For
further information, please contact:
Bodycote
plc
Jim Fairbairn, Chief Executive Officer
Ben Fidler, Chief Financial Officer
Peter Lapthorn, Investor Relations and FP&A
Tel: +44
1625 505 300
FTI
Consulting
Richard Mountain
Susanne Yule
Tel: +44
203 727 1340
