THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO.
596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
10 June 2024
Staffline Group
plc
("Staffline" or the
"Company")
Launch of Share
Buy-back
Staffline Group plc, the recruitment and training group, today
announces it intends to commence a share buyback programme to
purchase ordinary shares of 10 pence each in the Company (the
"Ordinary Shares") for up
to a maximum aggregate consideration of £2.5m from the day of this
announcement (the "Buyback"). The Ordinary Shares
purchased pursuant to the Buyback will be cancelled.
The Group remains disciplined in its
allocation of capital with the main objective being to enhance
shareholder value. We continuously assess our medium-term
plans which take account of growth prospects, investment in the
business, cash generation, net borrowings, and leverage.
Therefore, the amount allocated to buybacks is based on our
predicted trading cash flows and financing headroom.
The Buyback will be operated in accordance with
the terms of the Company's general authority to repurchase Ordinary
Shares granted by shareholders at its annual general meeting (the
"AGM"), held on 22 May 2024.
In accordance with the authority granted at the
AGM, a) the aggregate number of Ordinary Shares to be repurchased
will not exceed 22,378,643, b) the minimum price which may be paid
for each Ordinary Share will be £0.10, and c) the maximum price
(excluding expenses) which may be paid for each Ordinary Share will
be the higher of: (i) an amount equal to 105 per cent of the
average of the middle market quotations for the Ordinary Shares as
derived from the AIM Appendix of the Daily Official List of London
Stock Exchange plc for the five business days immediately preceding
the day on which the purchase is made; and (ii) an amount equal to
the higher of the price of the last independent trade of an
Ordinary Share and the highest current independent bid for an
Ordinary Share on the trading venue where the purchase is carried
out.
Shareholders should be aware that a purchase of
Ordinary Shares by the Company on any trading day may represent a
significant proportion of the daily trading volume in the Ordinary
Shares and could exceed 25 per cent. of the average daily trading
volume of the preceding 20 business days. Should that be the case,
the Company could exceed the pricing and/or volume restrictions as
established by the Commission Delegated Regulation 2016/1052/EU (as
in force in the UK and as amended by the FCA's Technical Standards
(Market Abuse Regulation) (EU Exit) Instrument 2019) (the
"Regulation") and therefore
the Buyback may not fall within the safe harbour provisions of the
Regulation.
As part of the Buyback, Liberum has been
appointed to purchase the Ordinary Shares as principal.
For further
information please contact:
Staffline
Group
plc
|
via Vigo Consulting
|
www.stafflinegroupplc.co.uk
Albert Ellis, Chief Executive
Officer
Daniel Quint, Chief Financial
Officer
|
|
Liberum
Capital Limited (Nomad and Broker)
|
+44 (0) 20 3100 2000
|
Richard Lindley
Satbir Kler
|
|
Zeus (Joint
Broker)
www.zeuscapital.co.uk
David Foreman (Investment Banking)
Nick Searle (Sales)
|
020 3829 5000
|
|
|
Vigo Consulting
(Financial PR)
www.vigoconsulting.com
Jeremy Garcia / Verity Snow
|
020 7390 0230
Staffline@vigoconsulting.com
|
Market Abuse
Regulation:
For the purposes of MAR, Article 2 of
Commission Implementing Regulation (EU) 2016/1055 and the UK
version of such implementing regulation, the person responsible for
arranging for the release of this Announcement on behalf of the
Company is Daniel Quint, Chief Financial Officer.
About Staffline - Recruitment, Training and
Support
Enabling the Future of
Work™
Staffline is the UK's market leading
Recruitment and Training group. It has three divisions:
Recruitment GB
The Recruitment GB business is
a leading provider of flexible blue-collar workers, supplying
c.30,000 staff per day on average from around 400 sites, across a
wide range of industries including supermarkets, drinks, driving,
food processing, logistics and manufacturing.
Recruitment Ireland
The Recruitment Ireland business is
a leading end to end solutions provider operating across multiple
industries, ten branch locations and ten onsite customer locations,
supplying c.4,500 staff per day on average, and offering RPO, MSP,
temporary and permanent solutions across public and private sectors
throughout the island of Ireland.
PeoplePlus Division
The PeoplePlus business
is a leading provider of employability, adult
training, prison education and skills-based programmes across
the country to those who are disadvantaged in society.
In addition, it delivers Community Service support as well as
social value services and expertise to employers.