Spectris plc - Share buyback programme
22 March 2021 - Spectris plc (SXS: LSE), the expert in providing insight through precision measurement, announces that, in connection with the share buyback announced in its 2020 full year results on 25 February 2021, it is commencing a share repurchase programme of the Group's ordinary shares of 5 pence each (the 'Ordinary Shares') for a maximum consideration of up to £200 million (the 'Programme'). The Programme will be carried out in tranches and its purpose 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 Jefferies International Limited ('Jefferies'), pursuant to which Jefferies 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 22 March 2021 and end no later than 31 May 2021 (subject to no regulatory objections or concerns arising), for an aggregate consideration of up to, but no greater than, £50 million. The maximum number of Ordinary Shares that can be purchased under the first tranche of the Programme is 11,602,909 Ordinary Shares (based on authority granted at the Group's 2020 annual general meeting). Jefferies 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
Head of Corporate Affairs
+44 1784 485325
Richard Mountain/Susanne Yule
+44 203 727 1340
Spectris' global group of businesses are focused on delivering value beyond measure for all our stakeholders. We target global, attractive and sustainable markets, where growth and high returns are supported by long-term drivers. Precision is at the heart of what we do. We provide customers with expert insight through our advanced instruments and test equipment, augmented by the power of our software and services. This equips customers with the ability to reduce time to market, improve processes, quality and yield. In this way, Spectris know-how creates value for our wider society, as our customers design, develop, test and manufacture their products to make the world a cleaner, healthier and more productive place. Headquartered in Egham, Surrey, United Kingdom, the Company employs approximately 7,650 people located in more than 30 countries. For more information, visit www.spectris.com.