IMI PLC Transaction in Own Shares

RNS Number : 0740Y

IMI PLC

26 July 2024

 

26 July 2024

IMI plc

Share repurchase programme

IMI plc (the Company) announces that, in connection with the share buyback of up to £100 million announced earlier today, it is commencing a share buyback programme (the "Programme") to purchase ordinary shares of 28 4/7 p in the capital of the Company ("Shares") with a value of up to £100 million, during the period starting on 29 July 2024 and ending no later than 31 December 2024 (the "Engagement Period"), in order to reduce the capital of the Company. Shares purchased pursuant to the Programme will be cancelled.

The Company has entered into an agreement with Merrill Lynch International ("BofA Securities") to manage the first £50 million tranche of the Programme (the "First Tranche"). BofA Securities will carry out the acquisition of Shares in the Company (on a riskless principal basis) for subsequent repurchase by the Company. Any further tranches of the Programme, which may be conducted after completion of the First Tranche, will be announced in due course.

This arrangement is in accordance with Chapter 12 of the FCA's Listing Rules and the Company's general authority granted by shareholders at the Company's annual general meeting held on 9 May 2024, which limits purchases of Shares by the Company in the market to up to approximately 10% of the Company's issued share capital, being 26,146,669 Shares. The Programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU (in each case, as they form part of UK law by virtue of the European Union (Withdrawal) Act 2018 as amended from time to time, including where relevant pursuant to the Market Abuse (Amendment) (EU Exit) Regulations 2019).

Enquiries to:

 

Louise Waldek

IMI

Tel: [phone]

 

 

 

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 [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

POSQKABKNBKDOOB