30 April
2024
LSL Property Services plc ("LSL" or "the
Company")
Commencement of Share Buyback
Programme
As communicated in its preliminary results
announcement on 25 April 2024, LSL today announces the start of a
share buyback programme for a tranche of up to £7
million.
The Company has appointed its broker Numis
Securities Limited ("Deutsche Numis") to manage the
non-discretionary share buyback programme to repurchase ordinary
shares on its behalf up to a maximum consideration of £7 million,
for a period commencing today and ending no later than 30 April
2025 (the "Share Buyback Programme"). LSL also announces that
Deutsche Numis has been instructed to carry out the Share Buyback
Programme on an irrevocable basis under certain pre-agreed
circumstances. In such circumstances, Deutsche Numis will conduct
the Share Buyback Programme on LSL's behalf and make trading
decisions under the Share Buyback Programme independently of
LSL.
In order to complete the Share Buyback
Programme in an effective manner, the Company has instructed
Deutsche Numis that on any given trading day to buyback ordinary
shares under the Share Buyback Programme in excess of 25 per cent
of the average daily trading volume on the trading venue where the
purchase is carried out. On days where a buyback of shares exceeds
25 per cent of the average daily trading volume, the Company will
not fall within the exemption contained in Article 5(1) of UK MAR
(as later defined).
Share repurchases will be made on the Company's
behalf and in accordance with the arrangement with Deutsche Numis
in open market transactions, depending on market conditions, share
price and trading volume. The maximum price paid per ordinary share
will be limited to no more than the higher of (i) 105 per cent of
the average middle market closing price of the Company's ordinary
shares for the five business days before the purchase is made, and
(ii) the higher of the price of the last independent trade and the
highest current independent bid for an ordinary share on the
trading venue where the purchase is carried out.
The return of excess capital to shareholders
through the Share Buyback Programme will be funded by cash
resources. It is intended that the repurchased shares be held in
treasury. Such treasury shares are not entitled to dividends and
have no voting rights at the Company's general meetings.
The Share Buyback Programme will be conducted
in accordance with the Company's general authority to purchase up
to a maximum of 10,398,251 ordinary shares, granted by shareholders
at its AGM on 25 May 2023, and the continuation of the Share
Buyback Programme will be subject to the renewal by the
shareholders of the repurchase general authority at the Company's
forthcoming AGM on 20 June 2024. The Share Buyback Programme will
also be affected within the parameters prescribed by the Market
Abuse Regulation 596/2014/EU and the Commission Delegated
Regulation 2016/1052/EU (each as in force in the UK, from time to
time, including, where relevant, pursuant to the UK's Market Abuse
(Amendment) (EU Exit) Regulations 2019) ("UK MAR").
Details of any ordinary shares
repurchased will be notified to a Regulatory Information Service by
the Company following any repurchase as required by UK MAR and the
Listing Rules of the FCA. LSL confirms that currently it has no
unpublished inside information.
For
further information, please contact:
Notes on
LSL
LSL is one of the largest providers
of services to mortgage intermediaries and estate agent
franchisees.
Its c.2,900 advisers represent
around 11% of the total purchase and remortgage market. PRIMIS was
named Best Network, 300+ appointed representatives at the 2022
Mortgage Strategy Awards.
Its 61 estate agency franchisees
operate in 308 territories.
LSL is also one of
the UK's largest providers of surveying and valuation
services, supplying seven out of the eight largest lenders in
the UK. e.surv was named Best Surveying Firm at the 2022
Mortgage Finance Gazette Awards.
For further information please visit
LSL's website: lslps.co.uk