www.bodycote.com
15 March 2024
Bodycote
plc
Launch of
£60 million Share Buyback Programme
Further to the announcement made on
22 January 2024, Bodycote plc ("Company"),
the world's leading provider of heat treatment and specialist
thermal processing services, is pleased to
announce the commencement of a share buyback programme of up to £60
million ("Programme"), which will be undertaken in two
tranches.
The first tranche of the Programme
("First Tranche"), to be carried out by HSBC Bank plc ("HSBC"),
will be for a maximum aggregate consideration of £30 million, with
trading expected to commence today, Friday 15 March 2024 and
anticipated to end on or before 14 September 2024 ( "Engagement
Period"). The second tranche of the Programme ("Second Tranche"),
which will be conducted after completion of the First Tranche, is
intended to be undertaken by Jeffries International Limited and
further details in respect of the Second Tranche will be announced
in due course.
In respect of the First Tranche of
the Programme, the Company confirms that it has entered into
non-discretionary instructions with HSBC to conduct a share buyback
programme on the Company's behalf. HSBC will make trading decisions
in relation to the Company's ordinary shares repurchased under the
Programme independently of, and uninfluenced by, the Company.
Purchases may continue during any close period to which the Company
is subject during the Engagement Period.
Purchases of ordinary shares in
relation to the Programme will be carried out on the open market
via the London Stock Exchange and/or any other recognised
investment exchange for the purposes of section 693 of the
Companies Act 2006, to be made from time to time depending on
market conditions, share price, trading volume and other
factors.
The Programme will be conducted
within certain pre-set parameters, and, up until the 2024 Annual
General Meeting scheduled to be held on 30 May 2024, in accordance
with the general authority to repurchase shares, which was granted
to the Company by its shareholders at the Annual General Meeting
held on 31 May 2023, pursuant to which the maximum number of
ordinary shares that can be bought back is 19,145,617 ordinary
shares and post the 2024 Annual General Meeting, if approval is
granted by the shareholders, in accordance with the general
authority to repurchase shares granted at that meeting.
Any purchases will be made in
accordance with the parameters prescribed by the Market Abuse
Regulation 596/2014 (as it forms part of UK law pursuant to the
European Union (Withdrawal) Act 2018) and Chapter 12 of the
Financial Conduct Authority's Listing Rules.
The aggregate purchase price of all
ordinary shares acquired under the Programme will be no more than
£60 million (excluding stamp duty and expenses). The sole purpose
of the Programme is to reduce the Company's share capital. As
such, the Company will cancel any ordinary shares
purchased.
About Bodycote
With more than 165 accredited
facilities in 22 countries, Bodycote is the world's largest
provider of thermal processing services. Through Specialist
Technologies and classical heat treatment, Bodycote improves the
properties of metals and alloys, extending the life of vital
components for a wide range of industries, including aerospace,
defence, automotive, power generation, medical, oil & gas,
construction, and transportation. Customers in all of these
industries have entrusted their products to Bodycote's care for
more than 50 years. For more information,
visit www.bodycote.com.
For further information, please
contact:
Bodycote plc
Stephen Harris, Group Chief
Executive
Ben Fidler, Chief Financial
Officer
Peter Lapthorn, Head of FP&A and
Investor Relations
Tel: +44 1625 505300
FTI Consulting
Richard Mountain
Susanne Yule
Tel: +44 203 727 1340