M. P. Evans Group PLC Transaction in Own Shares (1757U)

TIDMMPE

RNS Number : 1757U

M. P. Evans Group PLC

16 January 2017

M.P. EVANS GROUP PLC ("MP EVANS" OR "THE GROUP")

Share buyback programme

The board of directors of MP Evans (the "Board") is pleased to announce that it intends to commence an inaugural share buyback programme of GBP5 million (the "Programme").

The Board continues to believe that the current share price very substantially undervalues the Group's assets, the performance of the business to date and its future prospects. Following the recently-announced disposals of material assets, the Group's robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels that will be earnings enhancing.

The Group is undertaking this Programme alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of dividends at an increased level. The Board sees a case for buybacks being economically attractive since the Group's shares are currently trading well below the share price implied by the recent independent valuation of its assets.

The Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 10 June 2016, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The Programme will be undertaken using a phased approach and have a duration of up to 12 calendar months, subject to the buyback approval resolution being approved at the Group's next Annual General Meeting in respect of any purchases to be made after the date of that meeting.

The board will keep the programme under review and will make a decision in due course on whether to extend it.

In order to implement the Programme, MP Evans has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 10p shares. The Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.

M.P. Evans Group PLC

Telephone: [phone]

Peter Hadsley-Chaplin, Chairman

Tristan Price, Chief Executive

Peel Hunt LLP (NOMAD and Broker)

Telephone: [phone]

Dan Webster

Adrian Trimmings

George Sellar

Hudson Sandler

Telephone: [phone]

Charlie Jack

Bertie Berger

This information is provided by RNS

The company news service from the London Stock Exchange

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January 16, 2017 02:00 ET (07:00 GMT)