M. P. Evans Group PLC Transaction in Own Shares (8161Q)
15 September 2017 - 4:00PM
UK Regulatory
TIDMMPE
RNS Number : 8161Q
M. P. Evans Group PLC
15 September 2017
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 its decision to extend the share buyback programme (the
"Programme") originally set at GBP5 million which began on 16
January 2017, by increasing its budget for the Programme by a
further GBP2.5 million.
Since commencing the Programme, the Group has purchased 683,277
shares at an average price of GBP7.25 per share and the total cost
to date of the shares purchased is GBP4,957,110, representing
almost all of the initially
agreed budget. All shares acquired under the Programme have been or will be cancelled.
The Board continues to believe the current share price
undervalues the Group's assets, the performance of the business to
date and its future prospects. The board notes the Group's shares
are currently trading well below the share price implied by the
independent valuation of its assets undertaken at the end of last
year. The Group's robust balance sheet provides the opportunity to
take advantage of prevailing market conditions to repurchase shares
at advantageous levels that will enhance earnings.
The Programme will operate under the authority granted to the
Group by shareholders at the Group's most recent Annual General
Meeting, held on 9 June 2017, and within the regulatory limit on
the quantity of shares the Group may purchase on any single day.
The board will continue to keep the Programme under review and will
make a decision in due course on whether to further extend either
its budget or duration.
As previously notified 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 Programme will continue to be
conducted in compliance with the Market Abuse Regulation (EU) No.
596/2014 and the delegated regulations made pursuant to it.
M.P. Evans Group PLC
Telephone: +44 (0)1892 516333
Peter Hadsley-Chaplin, Chairman
Tristan Price, Chief executive
Matthew Coulson, Finance director
Peel Hunt LLP (NOMAD and Broker)
Telephone: +44 (0)20 7418 8900
Dan Webster
Adrian Trimmings
George Sellar
Hudson Sandler
Telephone: +44 (0)20 7796 4133
Charlie Jack
Bertie Berger
This information is provided by RNS
The company news service from the London Stock Exchange
END
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