PHSC Plc - Commencement of Further Share Buyback Programme
("PHSC" or the "Company")
Commencement of Further Share Buyback Programme
PHSC (AIM: PHSC), a leading provider of health, safety, hygiene and environmental consultancy services and security solutions to the public and private sectors, is pleased to announce the commencement of a further share buyback programme in respect of ordinary shares of 10p each in the capital of the Company (" Ordinary Shares ") up to a maximum of 1,777,053 Ordinary Shares or such number of Ordinary Shares as may be acquired for a gross amount of £200,000, whichever is the lower (the " Buyback Programme "). The Buyback Programme forms part of the Company's broader strategy to deliver returns to its shareholders and the Company intends to buy Ordinary Shares in the market as well as any larger parcels of Ordinary Shares, to the extent they become available.
The Company's board of directors (the "
Board
") has decided to effect the Buyback Programme in light of the Company's previous successful buyback programmes conducted in 2021, 2022 and 2023 and the fact that PHSC's closing middle market share price as at
The Buyback Programme will be managed by
Pursuant to the Authority, the maximum price to be paid per Ordinary Share is to be no more than 105 per cent. of the average middle market closing price of an Ordinary Share over the five business days preceding the date of purchase. The Buyback Programme will commence today and will continue, subject to not being completed earlier, until
Any shareholders wishing to sell Ordinary Shares pursuant to the Buyback Programme should contact Novum on the telephone number set out below.
Any repurchases shall be at the sole discretion of the directors of the Company (other than the
Any Ordinary Shares acquired by the Company pursuant to the Buyback Programme will be announced to the market and will initially be held in treasury and may be cancelled at a later date.
Due to the limited liquidity in the issued Ordinary Shares, any buyback of Ordinary Shares pursuant to the Authority on any trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares on AIM and may exceed 25 per cent. of the average daily trading volume, being the limit laid down under Article 5(1) of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of
The Company's cash position as at
The Company confirms that it currently has no unpublished price sensitive information other than that which has been disclosed above.
City Code Considerations,
The Board notes that certain of the Company's directors, namely
The City Code, which is issued and administered by The Panel on Takeovers and Mergers (the "
Panel
"), applies to the Company, as an AIM quoted company with a
Under Rule 9 of the City Code, where any person acquires, whether by a series of transactions over a period of time or not, an interest (as defined in the City Code) in shares which (taken together with shares in which such person is already interested and in which persons acting in concert with such person are interested) carry not less than 30 per cent. but does not hold more than 50 per cent. of the total voting rights of a company which is subject to the City Code, that person, and any person(s) acting in concert with them, is normally required by the Panel to make a general offer in cash to all of the remaining shareholders to acquire the remaining shares in that company not held by it and/or its concert parties (a " Rule 9 Offer "). Rule 37.1 of the City Code further provides that when a company redeems or purchases its own shares, any resulting increase in the percentage of shares carrying voting rights in which a person or group of persons acting in concert is interested will be treated as an acquisition for the purposes of Rule 9 of the City Code.
Accordingly, certain members of the
Entry into the Irrevocables by the
For further information please contact :
Strand
About PHSC
PHSC, through its trading subsidiaries,
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of