M. P. Evans Group PLC Transaction in Own Shares (7428B)
12 January 2018 - 9:11PM
UK Regulatory
TIDMMPE
RNS Number : 7428B
M. P. Evans Group PLC
12 January 2018
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 due to expire on 15 January 2018, up to 30
June 2018 and to increase the budget for the Programme by a further
GBP2.5 million.
Since commencing the Programme, the Group has purchased 958,313
shares at an average price of GBP7.46 per share and the total cost
to date of the shares purchased is GBP7,147,015 out of the approved
budget of GBP7.5 million. 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 2016.
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 to give effect to the Programme. 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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