Speedy Hire PLC Update on Share Buyback Programme (9805Y)
September 09 2022 - 7:50AM
UK Regulatory
TIDMSDY
RNS Number : 9805Y
Speedy Hire PLC
09 September 2022
Speedy Hire Plc
("Speedy", "the Company" or "the Group")
9 September 2022
Update on Share Buyback Programme
Speedy, the UK's leading provider of tools and equipment hire,
and services to the construction, infrastructure and industrial
markets, today gives an update on its GBP30 million share buyback
programme. Since the announcement of the share buyback programme on
27 January 2022, Speedy has repurchased 36,197,678 ordinary shares,
at a total cost of GBP17.6 million (excluding expenses).
As announced yesterday, shareholders granted the Board a renewed
general authority at Speedy's Annual General Meeting ("AGM") to
make market purchases of ordinary shares. In light of this
shareholder support, and the announced intention of the Board to
continue the share buyback programme for the balance of the GBP30
million, the Board has resolved to continue the share buyback
programme on that basis under the new general authority.
Speedy has entered into variation letters with Liberum Capital
Limited ("Liberum") and Panmure Gordon (UK) Limited ("Panmure
Gordon") to continue the buyback programme until no later than 30
September 2023 ("Extended Share Buyback Programme"). The Extended
Share Buyback Programme is in accordance with Speedy's general
authority to purchase a maximum of 50,613,543 ordinary shares
granted at the AGM.
The purpose of the Extended Share Buyback Programme is to reduce
the Company's share capital. The Extended Share Buyback programme
will be conducted within the parameters of 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 Market Abuse
(Amendment)(EU Exit) Regulations 2019). Other than the extension of
the period for which the Extended Share Buyback Programme will now
run, no other changes have been made to the terms of the programme.
The Company confirms that it currently has no unpublished price
sensitive information.
Speedy will make further regulatory announcements in respect of
repurchases of ordinary shares as required by the Market Abuse
Regulation and the Listing Rules of the FCA, including as to
whether those shares have been cancelled or are held in
treasury.
Enquiries:
Speedy Hire Plc Tel: 01942 720 000
Russell Down, Chief Executive
James Bunn, Chief Financial Officer
MHP Communications Tel: 0203 128 8147
Oliver Hughes
Andrew Jaques
Notes to Editors: Founded in 1977, Speedy is the UK's leading
provider of tools and equipment hire services to a wide range of
customers in the construction, infrastructure and industrial
markets, as well as to local trade and industry. The Group provides
complementary support services through the provision of training,
asset management and compliance services. Speedy is certified
nationally to ISO50001, ISO9001, ISO14001, ISO17020, ISO27001 and
ISO45001. The Group operates from c.200 fixed sites and selected
B&Q stores across the UK and Ireland together with a number of
on-site facilities at client locations and through a joint venture
in Kazakhstan.
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