Rotork PLC Share Buy-Back Programme
28 June 2024 - 3:01AM
RNS Regulatory News
RNS Number : 2414U
Rotork PLC
27 June 2024
Rotork plc
Share buy-back programme -
Tranche 3
27 June 2024
As announced at the preliminary
results on 5 March 2024, Rotork plc ('Rotork' or the
'Company') commenced a share buyback
programme (the 'Programme') to repurchase
ordinary shares of 0.5 pence each in the capital of the Company
('Ordinary Shares') of up to £50 million
(excluding stamp duty and expenses). Our financial flexibility
enables us to pursue strategic investments and we remain active in
looking for suitable opportunities, consistent with our Growth+
strategy.
The third tranche will be carried
out through an irrevocable non-discretionary agreement with Morgan
Stanley & Co. International Plc ('MS'), pursuant to which MS
shall purchase Ordinary Shares as riskless principal (and not as
agent of Rotork) for the subsequent sale on to, and purchase by,
Rotork. The third tranche of the Programme will commence on the
later of 8 July 2024 and the day following the completion of the
second tranche and end no later than 6 September 2024. The
aggregate purchase price of all Ordinary Shares acquired under the
third tranche of the Programme will be no greater than
£10 million (excluding stamp duty and expenses).
Any purchases under the Programme will take place in accordance
with (and subject to the limits prescribed by) the Company's
general authority to repurchase Ordinary Shares granted by its
shareholders at the Company's 2024 Annual General Meeting (the
'2024 Authority'). The maximum number of Ordinary Shares that the
Company is authorised to purchase under the 2024 Authority is
86,125,908 Ordinary Shares. MS will make its trading decisions in
relation to the Ordinary Shares independently of, and uninfluenced
by, the Company. Any Ordinary Shares
purchased by the Company will be cancelled.
Any purchase of Ordinary Shares in
relation to the Programme will be carried out on the London Stock
Exchange and any other UK recognised investment exchange which may
be agreed, in accordance with pre-set parameters and in accordance
with (and subject to limits prescribed by) the Company's 2024
Authority, Chapter 12 of the Financial Conduct Authority's Listing
Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as
incorporated into UK domestic law by the European Union
(Withdrawal) Act 2018) and Commission Delegated Regulation (EU)
2016/1052 (as incorporated into UK domestic law by the European
Union (Withdrawal) Act 2018). Rotork will announce any market
repurchases of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred.
Enquiries to:
Nick Hasell/Susanne Yule, FTI
Consulting
|
Tel: +44 (0)20 3727 1340
|
Andrew Carter, Investor Relations
Director, Rotork Plc
|
Tel: +44 (0) 1225 733 200
|
Legal Entity Identifier:
213800AH5RZIHGWRJ718
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