Share Buyback Programme

RNS Number : 6366F

ScS Group PLC

22 March 2022

 

For Immediate Release

22 March 2022

ScS Group plc

("ScS", or the "Group")

Share Buyback Programme

Further to the Group's interim results which were released on 22 March 2022, ScS is pleased to announce the launch of a share buyback programme of up to £7 million (the "Programme").

The Group has shareholder authority to repurchase 3,801,265 ordinary shares of 0.1 pence each ("Ordinary Shares") as approved at its last AGM (which represents c.10 per cent. of the Group's issued ordinary share capital). The Board has decided to launch the Programme to return funds to shareholders.

The maximum daily number of Ordinary Shares that will be purchased is 18,733, which is 25% of the average daily volume traded in February 2022, the month prior to this announcement. The Programme is currently expected to end no later than 12 months from the date of this announcement. In order to continue the Programme past the Group's 2022 AGM, typically held in November, a new shareholder authority will need to be obtained at the AGM. The principal purpose of the Programme is to reduce the share capital of the Group and return funds to shareholders who sell their Ordinary Shares; repurchased Ordinary Shares will be cancelled.

In order to effect the Programme, ScS has entered into an agreement with the Group's broker, Shore Capital Stockbrokers Limited ("Shore Capital"), to carry out on-market purchases of its Ordinary Shares. This agreement includes provisions giving Shore Capital authority to carry out market purchases under the Programme independently of the Group.

The Programme will be conducted within the safe harbour parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (each as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018, including where relevant pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019) and Chapter 12 of the Listing Rules. The Group confirms that it currently has no other unpublished price sensitive information. Details of all purchases made pursuant to the Programme will be announced via RNS and published on the Group's website as required by the Market Abuse Regulation.

Enquiries:

ScS Group PLC Steve Carson, 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 Iain Sexton	Tel: [phone]

ScS is one of the UK's largest retailers of upholstered furniture and flooring, promoting itself as the "Sofa Carpet Specialist", seeking to offer value and choice through a wide range of upholstered furniture and flooring products. The Group's product range is designed to appeal to a broad customer base with a mid-market priced offering and is currently traded from 99 stores.

The Group's upholstered furniture business specialises primarily in fabric and leather sofas and chairs. ScS sells a range of branded products which are not sold under registered trademarks and a range of branded products which are sold under registered trademarks owned by ScS (such as Endurance, Inspire and SiSi Italia). The Group also offers a range of third party brands (which include La-Z-Boy and G Plan). The Group's flooring business includes carpets, as well as laminate and vinyl flooring.

 

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