M.p. Evans (LSE:MPE)
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RNS Number : 7428W

M. P. Evans Group PLC

13 December 2019

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 a new share buyback programme of GBP1 million (the "New Programme") on 1 January 2020 to replace its current share buyback programme once this expires on 31 December 2019. All shares acquired under the New Programme will be cancelled.

The Board believes that the current share price substantially undervalues the Group's assets, the performance of the business to date and its future prospects. 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 New Programme alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of progressively increasing dividends. 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 independent valuations of its assets.

The New Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 14 June 2019, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The New Programme will have a duration of up to 6 calendar months. The board will keep the New Programme under review and will make a decision in due course on whether to extend it.

In order to implement the New 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 New Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.

Enquiries:

 
 M.P. Evans Group PLC              +44 (0)1892 516333 
 Peter Hadsley-Chaplin             Chairman 
 Tristan Price                     Chief executive 
 Matthew Coulson                   Finance director 
 
 Peel Hunt LLP (Nomad and joint 
  broker)                          +44 (0)20 7418 8900 
 Dan Webster 
 George Sellar 
 Andrew Clark 
 
 finnCap (Joint broker)            +44 (0)20 7220 0500 
 Tim Redfern 
 Chris Raggett 
 
 Hudson Sandler                    +44 (0)20 7796 4133 
 Charlie Jack 
 Bertie Berger 
  Elfie Kent 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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December 13, 2019 02:00 ET (07:00 GMT)