Share Buyback

RNS Number : 5054Z
Johnson Service Group PLC
15 September 2022
 

15 September 2022

Johnson Service Group PLC

("JSG" or the "Company")

Commencement of Share Buyback Programme

 

On the 1 September 2022, in its Interim Results for the 6 months ended 30 June 2022, JSG announced its intention to launch a share buyback programme of up to £27.5 million (the "Buyback Programme").

 

As set out in the Interim Results, JSG employs a disciplined approach to investment, returns and capital efficiency to deliver sustainable compounding growth whilst also maintaining a strong balance sheet.  The Board considers that the Buyback Programme is prudent, reflects the cash generative ability of the group and maintains a strong balance sheet consistent with its capital allocation policy.

 

JSG announces that, pursuant to the Buyback Programme it has entered into a non-discretionary instruction with Investec Bank plc to purchase up to £27.5 million (excluding expenses) of the Company's Ordinary Shares of 10 pence each and to make trading decisions under the Buyback Programme independently of the Company in accordance with certain pre-set parameters.  The Buyback Programme will commence today and end no later than the Company's Annual General Meeting expected to be held no later than 4 May 2023.  From time to time, the Board will assess the progress of this Buyback Programme in light of the Company's capital allocation needs.

 

The purpose of the Buyback Programme is to reduce the share capital of the Company.  As such, the Company will cancel any Shares purchased.

 

Any acquisitions of shares will be carried out within certain pre-set parameters and in accordance with the Company's existing general authority to repurchase Shares.  The Buyback Programme will be conducted within the parameters prescribed by the Market Abuse Regulation (596/2014) (as in force in the UK and as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019), the Commission Delegated Regulation (EU) 2016/1052 (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019).  Any repurchase of Shares will be announced no later than 7:30 am on the business day following the calendar day on which the repurchase occurred.

 

 

ENQUIRIES

 

Johnson Service Group PLC

 

 

Peter Egan, CEO


Yvonne Monaghan, CFO


Tel: 01928 704600




Investec Investment Banking (NOMAD)

Camarco (Financial PR)

David Flin

Ginny Pulbrook

Carlton Nelson

Rosie Driscoll

Virginia Bull

Toby Strong

Tel: 020 7597 5970

Tel: 020 3757 4992/4981

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
POSSFLFMLEESEDU
UK 100

Latest directors dealings