Mears Group PLC Completion of Buyback programme (7798X)

TIDMMER

RNS Number : 7798X

Mears Group PLC

22 December 2023

Mears Group PLC

("Mears", the "Group", or the "Company")

Completion of Buyback programme

Mears (LSE: MER), the leading provider of services to the Housing sector in the UK is pleased to announce that it has completed its second share buyback programme, details of which were announced on 3 October 2023. Over the duration of the second programme, the Group purchased and cancelled 4.9m Ordinary Shares of 1p each at an average price of 270.9p, representing c.4.7% of the Group's issued share capital.

When combined with the first buyback programme, which was completed on 25 August 2023, the Group has purchased and cancelled 12.2m Ordinary shares of 1p each at an average price of 272.7p, representing c11.0% of the Group's issued share capital at the start of the year, a return of surplus capital of GBP33.2m.

In addition, over the course of 2023, the Group's Employee Benefit Trust has purchased 1.7m shares at an average price of 276.7p which will be utilised in the future to settle share-based employee remuneration reducing the dilutive impact of such instruments.

The Group has now consumed its current authority for making market purchases of Ordinary Shares granted to the Board of Mears Group PLC by its Annual General Meeting, held on 23 June 2023.

 
 
   For further information, contact: 
 
 Mears Group PLC                       Tel: [phone] 
                                               634 600 
 David Miles 
 Andrew Smith 
 Lucas Critchley 
 
 Deutsche Numis                         Tel: +44(0)207 
                                              260 1000 
 Julian Cater 
 Kevin Cruickshank 
 
 Panmure Gordon                         Tel: +44(0)207 
                                              886 2500 
 Tom Scrivens 
 James Sinclair-Ford 
 

About Mears

Mears is the leading provider of services to the Affordable Housing sector, providing a range of services to individuals within their homes. We manage and maintain around 450,000 homes across the UK and work predominantly with Central Government and Local Government typically through long-term contracts. We equally consider the residents of the homes that we manage and maintain to be our customers, and we take pride in the high levels of customer satisfaction that we achieve.

Mears currently employs around 5,500 people and provides services in every region of the UK. In partnership with our Housing clients, we provide property management and maintenance services. Mears has extended its activities to provide broader housing solutions to solve the challenge posed by the lack of affordable housing and to provide accommodation and support for the most vulnerable.

We focus on long-term outcomes for people rather than short-term solutions and invest in innovations that have a positive impact on people's quality of life and on their communities' social, economic, and environmental wellbeing. Our innovative approaches and market leading positions are intended to create value for our customers and the people they serve while also driving sustainable financial returns for our providers of capital, especially our shareholders.

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December 22, 2023 04:26 ET (09:26 GMT)