ScS Group PLC Proposed Share Buyback (3716S)

TIDMSCS

RNS Number : 3716S

ScS Group PLC

05 November 2019

 
 
                                                5 November 2019 
 
 

ScS Group plc

("ScS", or the "Company")

Proposed Share Buyback

ScS, one of the UK's largest retailers of upholstered furniture and floorings, notes today's announcement regarding the proposed sell-down of existing ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Placing") by Parlour Product Holdings (LUX) S.A.R.L (the "Seller").

ScS confirms that it has informed Shore Capital Stockbrokers Limited (who is acting as Sole Bookrunner in relation to the Placing) of its intention to potentially participate in the Placing using the buy-back authority granted by its shareholders at its Annual General Meeting on 21 November 2018. The Company intends to limit its participation in the Placing to a maximum of 1,996,455 Ordinary Shares which represents approximately 4.99% of the Company's current issued share capital.

The Company has decided to participate in the Placing given its significant cash resources and the cash generative nature of the business. Any Ordinary Shares purchased in the Placing by the Company will be cancelled and the Company's share capital will be reduced accordingly.

The Company notes that, if it does participate in the Placing, the transaction is expected to be a related party transaction under Listing Rule 11.1.10R and accordingly, in accordance with that rule, a further announcement would be made.

Enquiries:

 
  ScS Group PLC                             c/o Buchanan [phone] 
   David Knight, Chief Executive Officer     5000 
   Chris Muir, Chief Financial Officer 
  Buchanan                                  Tel: [phone] 
   Richard Oldworth                          [e-mail] 
   Tilly Abraham 
  Shore Capital                             Tel: [phone] 
   Patrick Castle 
   James Thomas 
   Sarah Mather 
 

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(END) Dow Jones Newswires

November 05, 2019 11:39 ET (16:39 GMT)