Ultimate
Products plc
("Ultimate Products", "Company" or "the Group")
Share buyback programme
update
Ultimate Products, the owner of a
number of leading homeware brands including Salter (the UK's oldest
houseware brand, est.1760) and Beldray (est.1872), announces the
following updates to its share buyback programme ("Share Buyback
Programme").
Share Buyback Programme
The Company intends to continue with
the rolling programme of share buybacks as previously announced on
10 May 2024. The programme will continue on an ongoing basis, in
accordance with the terms of the Company's general authority to
purchase a maximum of 8,931,245 ordinary shares ("Ordinary Shares")
gained at the Company's General Meeting held on 2 May 2024
("General Meeting"). Any Ordinary Shares purchased under the Share
Buyback Programme will be cancelled and the number of Ordinary
Shares in issue reduced accordingly.
As previously announced, the Company
is completing the Share Buyback Programme in tranches. Tranche 1
was completed on 31 July 2024 whilst Tranche 2 was completed on 31
October 2024. Tranche 3 commences from 1 November 2024 and is
intended to consist of a maximum consideration of up to £1 million
to purchase Ordinary Shares until 31 January 2024 ("Tranche
3"). Any purchases made prior to the Company's Annual General
Meeting at 1.00 p.m. on Friday,13 December 2024 (the "AGM") will be
made pursuant to the terms of the authorities previously granted in
the General Meeting held on 2 May 2024. Any purchases made
after the AGM will only be made subject to the passing of the
buyback resolutions to be proposed at the AGM. If the
resolutions to be proposed at the AGM are not approved by
shareholders Tranche 3 of the buyback will cease at the
commencement of the AGM.
The Company has given irrevocable
and non-discretionary instructions to Cavendish in relation to
Tranche 3. Cavendish will act as principal during Tranche 3 and
will make trading decisions concerning the timing of the purchases
of Ordinary Shares independently of the Company. The Company will
announce subsequent tranches of the Share Buyback Programme prior
to the initiation of each new tranche. These tranches are expected
to alternate between the Company's joint brokers, in each case
acting as principal.
The maximum price which may be paid
for an Ordinary Share pursuant to the Share Buyback Programme is an
amount equal to the higher of: (i) 105 per cent. of the average of
the middle market quotations for an Ordinary Share for the five
dealing days immediately preceding the day on which the Ordinary
Share is purchased; and (ii) the value of an Ordinary Share
calculated on the basis of the higher of the price quoted for: the
last independent trade of, and the highest current independent bid
for, any number of the Ordinary Shares on the trading venue where
the purchase is carried out. The minimum price which may be paid
for an Ordinary Share is an amount equal to its nominal
value.
It is the intention that the Share
Buyback Programme will be conducted within the pricing parameters
of the Market Abuse Regulation. However, given the limited
liquidity in the issued Ordinary Shares, the Company has agreed
that, on any trading day, a buyback of Ordinary Shares under the
Share Buyback Programme may exceed 25 per cent. but remain below 50
per cent. of the average daily trading volume in the Ordinary
Shares in the 20 trading days preceding the date on which a
buy-back of Ordinary Shares is carried out. Accordingly, the
Company may not benefit from the exemption contained in the
Regulations.
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.
Details of the authority granted at
the General Meeting can be found on the Company's website
under: https://upplc.com/investor-relations/annual-meeting/
For more information, please
contact:
Ultimate Products +44 (0) 161 627
1400
Andrew Gossage, CEO
Chris Dent, CFO
Shore Capital +44 (0) 20 7408
4090
Mark Percy
Malachy McEntyre
David Coaten
Harry Davies-Ball
Isobel Jones
Cavendish Capital Markets Limited +
44 (0)20 7220 0500
Carl Holmes (Corporate
Finance)
Matt Goode (Corporate
Finance)
Abigail Kelly (Corporate
Finance)
Charlie Combe (ECM)
Sodali & Co +44 (0) 207 250
1446
Rob Greening
Sam Austrums
Oliver Banks
Notes to Editors
Ultimate Products is the owner of a
number of leading homeware brands including Salter (the UK's oldest
houseware brand, established in 1760) and Beldray (a laundry, floor
care, heating and cooling brand that was established in 1872).
According to its market research, nearly 80% of UK households own
at least one of the Group's products.
Ultimate Products sells to over 300
retailers across 38 countries, and specialises in five product
categories: Small Domestic Appliances; Housewares; Laundry; Audio;
and Heating and Cooling. Other brands include Progress (cookware
and bakeware), Kleeneze (laundry and floorcare), Petra (small
domestic appliances) and Intempo (audio).
The Group's products are sold to a
broad cross-section of both large national and international
multi-channel retailers as well as smaller national retail chains,
incorporating discount retailers, supermarkets, general retailers
and online retailers.
Founded in 1997, Ultimate Products
employs over 370 staff, a significant number of whom have joined
via the Group's graduate development scheme, and is headquartered
in Oldham, Greater Manchester, where it has design, sales,
marketing, buying, quality assurance, support functions and
warehouse facilities across two sites. Manor Mill, the Group's head
office, includes a spectacular 20,000 sq ft showroom that showcases
each of its brands. In addition, the Group has an office and
showroom in Guangzhou, China and in Paris, France.
Please note that Ultimate Products
is not the owner of Russell Hobbs. The company currently has
licence agreements in place granting it an exclusive licence to use
the "Russell Hobbs" trademark for cookware and laundry (NB this
does not include Russell Hobbs electrical appliances).
For further information, please
visit www.upplc.com.