ScS Group PLC Proposed Share Buyback (3716S)
November 05 2019 - 10:39AM
UK Regulatory
TIDMSCS
RNS Number : 3716S
ScS Group PLC
05 November 2019
5 November 2019
ScS Group plc
("ScS", or the "Company")
Proposed Share Buyback
ScS, one of the UK's largest retailers of upholstered furniture
and floorings, notes today's announcement regarding the proposed
sell-down of existing ordinary shares of 0.1 pence each in the
Company ("Ordinary Shares") (the "Placing") by Parlour Product
Holdings (LUX) S.A.R.L (the "Seller").
ScS confirms that it has informed Shore Capital Stockbrokers
Limited (who is acting as Sole Bookrunner in relation to the
Placing) of its intention to potentially participate in the Placing
using the buy-back authority granted by its shareholders at its
Annual General Meeting on 21 November 2018. The Company intends to
limit its participation in the Placing to a maximum of 1,996,455
Ordinary Shares which represents approximately 4.99% of the
Company's current issued share capital.
The Company has decided to participate in the Placing given its
significant cash resources and the cash generative nature of the
business. Any Ordinary Shares purchased in the Placing by the
Company will be cancelled and the Company's share capital will be
reduced accordingly.
The Company notes that, if it does participate in the Placing,
the transaction is expected to be a related party transaction under
Listing Rule 11.1.10R and accordingly, in accordance with that
rule, a further announcement would be made.
Enquiries:
ScS Group PLC c/o Buchanan +44 (0)20 7466
David Knight, Chief Executive Officer 5000
Chris Muir, Chief Financial Officer
Buchanan Tel: +44 (0)20 7466 5000
Richard Oldworth scs@buchanan.uk.com
Tilly Abraham
Shore Capital Tel: +44 (0)207 408 4050
Patrick Castle
James Thomas
Sarah Mather
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END
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