Share re-purchase - Amendment

RNS Number : 3949W
Serco Group PLC
18 August 2022
 

18  August 2022

 


 

The following amendments have been made to the 'Share re-purchase' announcement released on 17 August 2022 at 07:00 under RNS No 2427W .

 

In the first paragraph, Serco announced its intention to repurchase shares valued at up to £90 million on 24 February 2022, not 23 February 2022.  The aggregate number of shares acquired by the Company shall not exceed the balance of 106,220,148  shares, not 106,229,148 shares, remaining of the 121,800,878 shares authorised by shareholders at the 2022 Annual General Meeting.

 

All other details remain unchanged.

 

The full amended text is shown below.

 

 

Serco share repurchase programme

 

17  August 2022

 

Serco today provides this further announcement, in connection with its intention as announced on 24 February 2022 to repurchase shares valued at up to £90 million.  As announced on 8 March 2022, the first buyback tranche was to repurchase shares with a value of up to £40 million during the period starting on 8 March 2022 and ending no later than 16 August 2022. This first buyback tranche has now completed and during that period the aggregate number of shares purchased was 25,245,738 shares.  The second buyback tranche will be a programme with a value of up to £50 million (the "Programme"). This will occur during the period starting 17 August 2022 and ending no later than 31 December 2022 (the "Engagement Period"). The aggregate number of shares acquired by the Company shall not exceed the balance of 106,220,148  shares remaining of the 121,800,878 shares authorised by shareholders at the 2022 Annual General Meeting.  It is intended that any shares repurchased under the Programme will be transferred into treasury and subsequently cancelled.

 

The Company has entered into an agreement with Barclays under which it has issued an irrevocable instruction to Barclays to manage the Programme for the Engagement Period. Barclays will carry out the instruction through the acquisition of ordinary shares in the Company for subsequent repurchase by the Company.  This arrangement is in accordance with Chapter 12 of the FCA's Listing Rules and the Company's general authority to repurchase shares.

 

In accordance with Article 5(1)(b) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) (the Market Abuse Regulation) detailed information about the individual purchases can be seen below.

 

Ends

 

For further information please contact:

Paul Checketts, Head of Investor Relations, tel: +44 (0) 7718 195 074 or email: paul.checketts@serco.com

Marcus De Ville, Head of Media Relations, tel: +44 (0) 7738 898 550 or email: marcus.deville@serco.com

 

About Serco

Serco is a leading provider of public services. Our customers are governments or others operating in the public sector.  We gain scale, expertise and diversification by operating internationally across five sectors and four geographies: Defence, Justice & Immigration, Transport, Health and Citizen Services, delivered in UK & Europe, North America, Asia Pacific and the Middle East. More information can be found at www.serco.com

 

LEI: 549300PT2CIHYN5GWJ21

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