M. P. Evans Group PLC Transaction in Own Shares (2131A)

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RNS Number : 2131A

M. P. Evans Group PLC

19 January 2024

M.P. EVANS GROUP PLC

("Group" or "M.P. Evans")

Share buyback programme

The board of directors of M.P. Evans ("Board") is pleased to announce the resumption of its share buyback programme ("Programme") following the expiry of its previous programme on 14 December 2023. The Programme will have a budget of GBP1.5 million from the date of this announcement, with an initial term of two months. All shares acquired under the Programme will be cancelled.

The Board maintains the view that its overall business and its assets are currently undervalued, with the current enterprise value being below the independent valuation of its assets.

The Group's robust balance sheet continues to provide the opportunity to repurchase shares at advantageous levels that will be earnings enhancing.

The Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 9 June 2023, 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 an initial duration of two months.

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, M.P. Evans has entered into an agreement with Cavendish Capital Markets Limited for them independently to carry out on-market purchases of its 10p shares. The Programme will be conducted in compliance with Article 5(1)(b) of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 and the delegated regulations made pursuant to it.

19 January 2024

Enquiries:

 
 M.P. Evans Group PLC                             Telephone: [phone] 
                                                   516333 
 Peter Hadsley-Chaplin - chairman 
 Matthew Coulson - chief executive 
 Luke Shaw - chief financial officer 
 Cavendish Capital Markets Limited (Nominated     Telephone: +44 (0)20 
  Advisor and Sole Broker)                         7220 0500 
 Matt Goode, George Lawson, Rory Sale - 
  Corporate Finance 
  Tim Redfern, Harriet Ward - Equity Capital 
  Markets 
 Hudson Sandler (Financial PR)                    Telephone: +44 (0)20 
                                                   7796 4133 
 Charlie Jack, Charlotte Cobb, Francis Kerrigan 
 

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January 19, 2024 02:30 ET (07:30 GMT)