Company Announcements

Serco share repurchase programme

Source: RNS
RNS Number : 2131R
Serco Group PLC
28 February 2023
 

Serco share repurchase programme

 

28 February 2023

Serco Group plc

LEI: 549300PT2CIHYN5GWJ21

 

Serco today provides this further announcement in connection with its intention to repurchase shares over the next 10 months valued at up to £90 million (the "Programme"), as announced on 28 February 2023.

 

This will occur during the period starting on 1 March 2023 and ending no later than 29 December 2023 (the 'Engagement Period'). The aggregate number of shares acquired by the Company shall not exceed the balance of 76,128,175 shares remaining of the 121,800,878 shares authorised by shareholders at the 2022 Annual General Meeting, or any amount subsequently approved by shareholders at the 2023 Annual General Meeting. It is intended that the shares repurchased under the Programme will be transferred into treasury.

 

The Company has entered into an agreement with J.P. Morgan Securities plc ('JPMS plc') under which it has issued an irrevocable instruction to JPMS plc to manage the Programme for the Engagement Period. JPMS plc 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.

 

JPMS plc may undertake transactions in ordinary shares of the Company (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 JPMS plc as a result of or as part of the Programme, but JPMS plc will continue to make any disclosures it is otherwise legally required to make.

 

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

 

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