4 April 2024
Dowlais Group
plc
Commencement of £50 million Share Buy-back
Programme
Further to its announcement on 21
March 2024, Dowlais Group plc ("Dowlais") announces that it will
commence a share buy-back programme of its ordinary shares
("Shares") for up to a maximum aggregate consideration of £50
million (the "Programme"). The Programme will commence on 4 April
2024 and end no later than 31 March 2025. The purpose of the
Programme is to reduce Dowlais' share capital and therefore
the Shares purchased under the Programme will be cancelled.
The maximum number of Shares that may be purchased
under the Programme is 139,327,352.
Dowlais has entered into non-discretionary
instructions with Investec Bank plc ("Investec") to conduct the
Programme on its behalf and carry out on-market purchases of Shares
and to on-sell such Shares to Dowlais.
Investec will make trading decisions in relation to
the Programme independently of, and without further instruction
from, Dowlais. Any purchase of Shares contemplated by this
announcement will be executed in accordance with Dowlais' authority
to repurchase ordinary shares granted by a special resolution
passed on 28 February 2023 (as further described in Part XV,
Paragraph 4.3 of Dowlais' admission prospectus), Market Abuse
Regulation 596/2014 and the Commission Delegated Regulation EU
2016/1052 (both as incorporated into UK domestic law by the
European Union (Withdrawal) Act 2018, as amended), Chapter 12 of
the Financial Conduct Authority's Listing Rules, and other
applicable laws.
Dowlais will announce any purchase of Shares pursuant
to the Programme no later than 7.30 a.m. on the business day
following the calendar day on which the purchase occurs.
Investec may undertake transactions
in Dowlais' ordinary shares (which may include sales and hedging
activities, in addition to purchases) in order to manage its market
exposure under the Programme. Dowlais will make any disclosures it
is legally required to make in relation to such transactions.
Simon Mackenzie Smith, Chair of
Dowlais, said:
"The commencement of the £50 million
share buyback today forms part of the Board's focus to maximise the
full value of our Group, and its businesses, by considering all
available options. Our confidence in delivering significant value
from Dowlais derives from each of our two market leading
businesses, GKN Automotive and Powder Metallurgy, having strong
fundamentals".
Enquiries
LEI number
of Dowlais Group plc: 213800XM8WOFLY6VPC92