Purchase of Own Shares

RNS Number : 3915S

ScS Group PLC

06 November 2019

 

		6 November 2019

ScS Group plc

("ScS", or the "Company")

Purchase of Own Shares

ScS, one of the UK's largest retailers of upholstered furniture and floorings, announces that further to its announcement on 5 November 2019, it confirms that it has agreed to participate in the l 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").  The Seller is a related party of the Company under Chapter 11 of the Listing Rules.

ScS has (via Shore Capital Stockbrokers Limited) agreed to acquire 1,996,454 Ordinary Shares in the Placing at a price of 220 pence per shares resulting in total consideration by the Company of £4,392,198.80 (the "Transaction"). It is anticipated that the Transaction will complete on 8 November 2019. The Transaction was carried out within the parameters of the Company's buyback authority approved at the Company's Annual General Meeting on 21 November 2018.

The Ordinary Shares purchased by the Company will be cancelled. Following the cancellation, the Company's issued share capital will consist of 38,012,655 Ordinary Shares, each with one voting right. The total number of voting rights will therefore be 38,012,655.

The Transaction falls within Listing Rule 11.1.10R (smaller related party transactions) and this announcement is made in accordance with Listing Rule 11.1.10R(c).

Enquiries:

ScS Group PLC David Knight, Chief Executive Officer Chris Muir, Chief Financial Officer	c/o Buchanan [phone]
Buchanan Richard Oldworth Tilly Abraham	Tel: [phone] [e-mail]
Shore Capital    Patrick Castle    James Thomas Sarah Mather	Tel: [phone]

 

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