Rotork PLC Share Buy-Back Programme
13 September 2024 - 4:58PM
RNS Regulatory News
RNS Number : 1116E
Rotork PLC
13 September 2024
Rotork plc
Share buy-back programme -
Tranche 4
13 September 2024
As announced 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 fourth 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 fourth tranche of the Programme will commence on
16 September 2024 and end no later than 15
November 2024. The aggregate purchase price of all Ordinary Shares
acquired under the fourth 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 9 of the Financial Conduct Authority's UK
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:
Andrew Carter, Investor Relations
Director, Rotork
Plc
Tel: +44 (0) 1225 733 200
Legal Entity Identifier:
213800AH5RZIHGWRJ718
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