Avon Protection PLC Launch of Share Buyback Programme (9130Z)
28 Gennaio 2022 - 8:00AM
UK Regulatory
TIDMAVON
RNS Number : 9130Z
Avon Protection PLC
28 January 2022
28 January 2022
Avon Protection plc
LAUNCH OF SHARE BUYBACK PROGRAMME
Avon Protection plc ("Avon Protection" or the "Group") is
pleased to announce that it intends to commence a share buyback
programme in respect of its ordinary shares of GBP1 each ("Ordinary
Shares") up to a maximum consideration of GBP18.5 million (U.S. $25
million), from the date of this announcement (the "Share Buyback
Programme").
The purpose of the Share Buyback Programme is to reduce the
share capital of the Group in order to return value to
shareholders.
Avon Protection plans to execute the buy-back in two tranches.
In respect of the first tranche, Avon Protection announces that it
has entered into an irrevocable non-discretionary instruction with
Jefferies International Limited ("Jefferies") in relation to the
purchase by Jefferies, acting as principal during the period
commencing on [28] January 2022 and ending no later than 30 May
2022, of Ordinary Shares for an aggregate consideration (excluding
expenses) of no greater than GBP9.25 million and the simultaneous
on-sale of such Ordinary Shares by Jefferies to Avon Protection,
where they will be held in treasury. Jefferies will make its
trading decisions concerning the timing of the purchases of
Ordinary Shares independently of, and uninfluenced by, the Group.
It is anticipated that the second tranche, subject to a separate
instruction, will commence promptly on completion of the first.
The Share Buyback Programme will be conducted within certain
pre-set parameters, and in accordance with the general authority to
repurchase shares expected to be granted by the Group's
shareholders at the 2022 Annual General Meeting later today,
Chapter 12 of the UK Listing Rules and the provisions of the Market
Abuse Regulation 596/2014/EU as amended by the Market Abuse
(Amendment) (EU Exit) Regulations 2019 ("UK MAR") and the
Commission Delegated Regulation 2016/1052/EU as amended by
Technical Standards (Market Abuse Regulation) (EU Exit) Instrument
2019 which both form part of the law of the United Kingdom by
virtue of the European Union (Withdrawal) Act 2018.
Avon Protection 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.
For further enquiries, please contact:
Avon Protection plc
Nick Keveth, Chief Financial Officer +44 1225 896 848
Miles Ingrey-Counter, Company Secretary
Rachael Stevens, Director of Investor Relations
MHP Communications
Andrew Jaques + 44 203 128 8570
Charlie Barker avonprotection@mhpc.com
Peter Lambie
Legal Entity Identifier: 213800JM1AN62REBWA71
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulation ("MAR") EU no.596/2014. Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
Note to editors:
Avon Protection designs and produces life critical personal
protection solutions for the world's militaries and first
responders. With a portfolio that includes respiratory and
ballistic protection products, Avon Protection's mission is to
relentlessly advance the future of protection enhancing the
performance, efficiency and capability of their customers whilst
providing ever increasing levels of protection.
Avon Protection operates from 7 sites employing 1,000+ people
and is listed on the London Stock Exchange (LSE: AVON).
For further information, please visit our website
www.avon-protection-plc.com .
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END
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