TIDMUPGS
RNS Number : 5669J
UP Global Sourcing Holdings PLC
17 August 2023
17 August 2023
UP Global Sourcing Holdings plc
("Ultimate Products" "the Company" or "the Group")
EBT share purchase programme
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 that, in its capacity as trustee
("the Trustee") of the Ultimate Products Employee Benefit Trust
(the "EBT"), JTC Employer Solutions Trustee Limited will commence a
programme to buy ordinary shares of 0.25p each in the Company
("Ordinary Shares") for the period to 1 January 2024, up to an
aggregate value of GBP325,000 (the "Programme").
The Trustee of the EBT will purchase Ordinary Shares in
accordance with the Programme, which seeks to mitigate the dilutive
impact of share option awards and to improve overall shareholder
return.
The EBT currently holds, and held at the year end, 3,022,989 (31
July 2022: 2,958,630) Ordinary Shares which represent 3.4% (31 July
2022: 3.3%) of the Company's current issued share capital, with
481,977 shares (2022: 1,094,108 shares) having been used during the
course of FY22 to satisfy the exercise of share options, and
546,336 shares (2022: nil shares) having been purchased in the open
market. The Company currently has a total of 2,225,337 shares under
option (31 July 2022: 3,137,704 shares under option).
The Trustee of the EBT has entered into arrangements with the
Company's broker, Shore Capital Stockbrokers Limited to carry out
on-market purchases of Ordinary Shares under the Programme,
including on a discretionary basis independent of the Company in
accordance with certain pre-set parameters, during any prohibited
periods of the Company, as determined by the UK Market Abuse
Regulation, which may fall during the period of the Programme.
For more information, please contact:
Ultimate Products +44 (0) 161 627 1400
Simon Showman, CEO
Andrew Gossage, Managing Director
Chris Dent, Chief Financial Officer
Shore Capital +44 (0) 20 7408 4090
Mark Percy
Malachy McEntyre
David Coaten
Iain Sexton
Powerscourt +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 Cologne, Germany.
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 (NB this does not include Russell Hobbs
electrical appliances).
For further information, please visit www.upgs.com
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