Share buyback programme
13 December 2023 - Spectris plc (SXS: LSE) ('Spectris' or 'the Group'), the expert in providing insight through precision measurement, announces that, in connection with the up to £150 million share buyback announced on 11 December 2023, it is commencing the first tranche of a share repurchase programme of the Group's ordinary shares of 5 pence each (the 'Ordinary Shares') (the 'Programme'). The purpose of the Programme is to reduce the Group's outstanding Ordinary Shares and accordingly the Group intends to cancel the Ordinary Shares purchased under the Programme.
The first tranche of the Programme will be carried out through an irrevocable non-discretionary agreement with Merrill Lynch International ('Merrill Lynch'), pursuant to which Merrill Lynch shall purchase Ordinary Shares as principal (and not as agent of Spectris plc) for the subsequent sale on to, and purchase by, Spectris plc. This first tranche will run from 13 December 2023 and end no later than 31 May 2024 (subject to no regulatory objections or concerns arising), for an aggregate consideration of £50.0 million. The maximum number of Ordinary Shares that can be purchased under the first tranche of the Programme is 8,227,673 Ordinary Shares (based on authority granted at the Group's 2023 annual general meeting). Merrill Lynch will make its trading decisions in relation to the Ordinary Shares independently of, and uninfluenced by, the Group.
Any purchase of Ordinary Shares under the first tranche of the Programme will be carried out on the London Stock Exchange and any other UK recognised investment exchange which may be agreed, in accordance with pre-set parameters and in accordance with (and subject to limits prescribed by) the Group's general authority to repurchase Ordinary Shares granted by its shareholders at its most recent annual general meeting, 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). The Group will announce any market repurchases of Ordinary Shares no later than 7.30 a.m. on the business day following the calendar day on which the repurchase occurred.
For and on behalf of Spectris plc
LEI Number: 213800Z4CO2CZO3M3T10
Contacts:
Spectris plc
Mathew Wootton
Director of Investor Relations
+44 75000 78880
Tulchan Communications
Martin Robinson
Giles Kernick
+44 20 7353 4200
About Spectris
Spectris combines precision with purpose, delivering progress for a more sustainable world. We provide critical insights to our customers through premium precision measurement solutions combined with technical expertise and deep domain knowledge. Precision is at the heart of what we do - our leading, high-tech instruments and software equip our customers to solve some of their greatest challenges to make the world cleaner, healthier and more productive. Our two, high quality divisions - Spectris Scientific and Spectris Dynamics - are placed in technology-driven end markets, with strong fundamentals and attractive growth trajectories. We have leading market positions in premium segments and employ 7,300 people located in more than 30 countries, all united behind our Purpose to deliver Value Beyond Measure for all our stakeholders. For more information, visit www.spectris.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.
