THIS ANNOUNCEMENT IS FOR
INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER FOR SALE
OF ANY SECURITIES OR AN OFFER OR INVITATION TO PURCHASE ANY
SECURITIES IN ANY JURISDICTION OR A SOLICITATION OF ANY VOTE OR
APPROVAL.
NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN WHOLE OR IN
PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
Fuller, Smith
& Turner P.L.C. (“the Company”)
Extension of Share
Buyback Programme
As announced on 21 March
2024, following the repurchase of 1 million ‘A’ ordinary shares of
40p each in the Company (“Ordinary Shares”) under an arrangement
with Numis Securities Limited (the “Programme”) which commenced on
16 November 2023, the Company has decided to extend the Programme
and repurchase up to a further 1 million Ordinary Shares. This is
consistent with the Company’s capital allocation framework and
reflects the Board’s view that the current share price continues to
represent a significant discount to the Company’s underlying net
asset value. The Programme is expected to enhance earnings per
share.
The share purchases will
be made on the Company's behalf and in accordance with the
arrangement and, in the case of any purchases made during closed
periods and/or at any time when the Company has inside information,
shall be made independently of and uninfluenced by the
Company.
Any purchase of Ordinary
Shares effected pursuant to this Programme will be carried out on
the London Stock Exchange and executed in accordance with, and
subject to limits prescribed by, the Listing Rules and in
accordance with the authorisation granted to the Board by
shareholders at the Annual General Meeting of the Company held on
20 July 2023.
Due to the limited
liquidity in the issued Ordinary Shares, any buyback of Ordinary
Shares pursuant to the authority on any trading day may represent a
significant proportion of the daily trading volume in the Ordinary
Shares on the London Stock Exchange and may exceed 25 per cent. of
the average daily trading volume, being the limit laid down in
Article 5(1) of Regulation (EU) No 596/2014 (as incorporated into
UK domestic law by the European Union (Withdrawal) Act 2018) and
the Commission Delegated Regulation (EU) 2016/1052 (as incorporated
into UK domestic law by the European Union (Withdrawal) Act 2018)
dealing with buyback programmes and, accordingly, the Company will
not benefit from the exemption contained in that
Article.
Any market purchase of
Ordinary Shares under the Programme will be announced no later than
7:30 a.m. on the business day following the day on which the
purchase occurred.
Enquiries:
Rachel
Spencer
Company
Secretary
020 8996 2073
22 March 2024
