20
March 2025
EUROCELL
PLC
("Eurocell" or the
"Group")
Launch of Share Buyback
Programme
Eurocell plc, the market leading,
vertically integrated UK manufacturer, recycler and distributor of
innovative window, door and roofline PVC products, today announced
that it intends to commence a further share buyback programme in
respect of its ordinary shares of £0.001 each ("Ordinary Shares")
up to a maximum consideration of £5 million from the date of this
announcement (the "Buyback").
As referenced in the 2024
Preliminary Results Announcement, the Board is focused on enhancing
shareholder returns and recognises the importance of our ordinary
dividend. We will also periodically consider supplementary
distributions, whilst always seeking to maintain a strong financial
position. The Buyback will reduce the share capital of the Company
and enhance earnings per share.
Details of the Share Buyback Programme
Eurocell has given irrevocable and
non-discretionary instructions to Joh. Berenberg, Gossler &
Co. KG ("Berenberg") in relation to the Buyback, which
will commence immediately after this announcement. Berenberg will
act as principal during the Buyback and will make trading decisions
concerning the timing of the purchases of Ordinary Shares
independently of the Company.
The maximum amount allocated to the
Buyback is £5 million. Any market repurchase of Ordinary Shares
will be announced no later than 7:30am on the business day
following the calendar day on which the repurchase occurred. The
Shares that are repurchased will be cancelled.
Any purchases of Ordinary Shares
contemplated by this announcement will be effected within certain
pre-set parameters. These arrangements are in accordance with the
authorities granted by the Company's shareholders at its annual
general meeting held on 16 May 2024 to repurchase a maximum of
10,969,731 Ordinary Shares.
The maximum price payable for an
Ordinary Share will be the lower of (a) 105% of the average of the
middle market quotation for Ordinary Shares as derived from the
Daily Official List of London Stock Exchange plc for the five
business days before the date on which the purchase is made and (b)
an amount equal to the higher of the last independent trade and
highest current independent purchase bid.
Due to the limited liquidity in the
Ordinary Shares, the Buyback may on any given trading day exceed 25
per cent but remain below 50 per cent of the average daily trading
volume.
The arrangements relating to the
maximum price and volume parameters are in accordance with Article
5(1) in the UK version of the Market Abuse Regulations (Regulation
(EU) No 596/2014) as incorporated into UK domestic law by virtue of
the European Union (Withdrawal) Act 2018. The limited liquidity of
the Company allows for Market Abuse Regulations 1 Annex 1.1.9.3(b)
Provision of the Buy-back and Stabilisation Regulation relating to
buy-back programmes to warrant the exemptions specified.
Details of the authority granted at
the 2024 AGM can be found on our website
under: https://investors.eurocell.co.uk/investors/agm/
Enquiries:
Eurocell plc
Darren Waters, Chief Executive
Officer
+44 (0) 1773 842 105
Michael Scott, Chief Financial
Officer
+44 (0) 1773 842 140
Teneo
Nick de
Bunsen
+44 (0) 7825 575 258
