15 April
2024
Mitie Group
plc
LEI number:
213800MTCLTKEHWZMJ03
Launch of further £50 million
share buyback programme
Mitie Group plc ("Mitie" / "the
Group") (LSE: MTO), the UK's leading facilities transformation
company, announces its intention to undertake a £50 million share
buyback programme (the "Share Buyback Programme") in respect of its
ordinary shares of 2.5 pence each ("Ordinary Shares"), commencing
from the date of this announcement.
The Board has a stated policy to
purchase shares for all employee incentive schemes, to eliminate
the otherwise dilutive effect to shareholders of issuing new shares
to fulfil the schemes. The majority of our share schemes are
satisfied through the company's Employee Benefit Trust ("EBT"),
whilst Save As You Earn ("SAYE") schemes are satisfied through
treasury shares to mitigate unnecessary stamp duty costs for the
employee. In line with this objective, c.10 million Ordinary Shares
purchased will be held in treasury to satisfy the 2021 SAYE scheme,
which vests in January 2025. Ordinary Shares acquired in excess of
this number will be cancelled.
In order to execute the Share
Buyback Programme, Mitie has entered into an initial instruction
with Peel Hunt LLP ("Peel Hunt") in respect of the first £25m
(excluding expenses) in relation to the purchase by Peel Hunt,
acting as principal during the period commencing on 15 April 2024
and ending no later than 30 September 2024, of Ordinary Shares in
the share capital of Mitie ("Shares") and the simultaneous on-sale
of such Shares by Peel Hunt to Mitie. Peel Hunt will make its
trading decisions concerning the timing of the purchases of Mitie's
Ordinary Shares independently of, and uninfluenced by, the
Group.
The Share Buyback Programme will be
conducted within certain pre-set parameters, and in accordance with
the general authority to repurchase shares granted by Mitie's
shareholders at the 2023 Annual General Meeting (which authority is
expected to be renewed at the 2024 Annual General Meeting), Chapter
12 of the UK Listing Rules and the provisions of the Market Abuse
Regulation 596/2014/EU dealing with buyback programmes.
Mitie will announce any market
repurchase of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred.
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For
further information
Kate Heseltine
Group IR & Corporate Finance
Director
|
M: +44 (0)738 443 9112
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E: kate.heseltine@mitie.com
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Claire Lovegrove
Director of Corporate
Affairs
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M: +44 (0)790 027 6400
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E: claire.lovegrove@mitie.com
|
Richard Mountain
FTI Consulting
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M: +44 (0)790 968 4466
|
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About Mitie
Founded in 1987, Mitie employs
65,000 colleagues and is the leading technology-led Facilities
Transformation company in the UK. We are a trusted partner to
c.3,000 blue chip customers across the public and private sectors,
working with them to transform their built estates, and the lived
experience for their colleagues and customers, as well as providing
data-driven insights to inform decision making.
In each of our core services of
Engineering (Hard Services) and Security and Cleaning & Hygiene
(Soft Services) we hold market leading positions. We also upsell
Projects capabilities in the areas of building fitouts and
modernisation, decarbonisation, fire & security, and telecoms
infrastructure. Our sector expertise includes Central Government,
Critical National Infrastructure, Defence, Financial Services,
Healthcare & Life Sciences, Local Government & Education,
Retail & Logistics and Transport & Aviation.
We hold industry leading ESG
credentials, including a CDP 'A' score, and in the past 12 months
we have received multiple industry awards including B2B Marketing
Team of the Year, Best Low Carbon Solution and Net Zero Carbon
Strategy of the Year. Targeting Net Zero by the end of 2025, our
ambitious emissions reduction plans have also been validated by the
Science Based Targets initiative (SBTi). We have been recognised as
a UK Top Employer for the sixth consecutive year. Find out more
at www.mitie.com.