SHARE BUYBACK PROGRAMME

RNS Number : 5332U

Smiths Group PLC

29 March 2023

 

29 March 2023

SMITHS GROUP PLC

SHARE BUYBACK PROGRAMME

Smiths Group plc ("Smiths" or the "Company") announces that, in connection with the share buyback programme (the "Programme") of up to 742 million which it announced on 11 November 2021, Smiths has extended the fifth tranche of the Programme to purchase ordinary shares in the capital of the Company (the "Ordinary Shares") with a value of up to 83 million, subject to remaining within the Company's general authority to repurchase Ordinary Shares granted by its shareholders at its General Meeting on 17 November 2021 (the 2021 GM authority is for a maximum of 59,435,913 shares).

The Company has extended the agreement with Goldman Sachs International ("Goldman Sachs") under which Goldman Sachs will continue to manage the fifth tranche of the Programme which will conclude no later than 30 September 2023 or once the £742 million programme has completed (the "Engagement Period"). The purpose of the Programme is to reduce the share capital of Smiths. 

Goldman Sachs   will carry out the instruction through the acquisition of Ordinary Shares in the Company for subsequent repurchase and cancellation by the Company. This arrangement is in accordance with the Company's general authority to repurchase Ordinary Shares, Chapter 12 of the Financial Conduct Authority's Listing Rules, Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).  

Goldman Sachs   may undertake transactions in the Company's Ordinary Shares (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Engagement Period in order to manage its market exposure under the Programme. Disclosure of such transactions will not be made by   Goldman Sachs   as a result of or as part of the Programme, but   Goldman Sachs   will continue to make any disclosures it is otherwise legally required to make.

Enquiries:

Jemma Spalton, Director of Communications & Investor Relations
[phone]

[e-mail]

Matthew Whyte, Company Secretary
[phone]
[e-mail]

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

About Smiths Group

For over 170 years, Smiths Group has been pioneering progress by improving the world through smarter engineering. We serve millions of people every year, to help create a safer, more efficient and better-connected world, across four major global markets:  Energy, General Industry, Security & Defence, and Aerospace. Listed on the London Stock Exchange, Smiths employs c. 14,600 colleagues in over 50 countries. For more information visit  www.smiths.com .

 

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