Howden Joinery Group Plc commences an Equity Buyback for 55,455,816 shares, representing 9.91% of its issued share capital.
May 10, 2023 at 02:00 am EDT
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Howden Joinery Group Plc (LSE:HWDN) commences share repurchases on May 10, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 4, 2023. As per the mandate, the company is authorized to repurchase up to 55,455,816 shares, representing 9.91% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 105% of the average of the middle market quotations for the ordinary shares taken from the London Stock Exchange Daily Official List for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid as derived from the London Stock Exchange trading system. The minimum price which may be paid for an ordinary share is 10p.The repurchased shares will be cancelled or held as treasury shares. The program will be valid till the next Annual General Meeting in 2024, or August 4, 2024, whichever is earlier. As of March 17, 2023, the company had 559,796,066 shares in issue and 5,237,907 shares in treasury.
On May 10, 2023, the company announces a share repurchase program. Under the program, the company will repurchase up to £25 million worth of its shares. The program will be valid till December 30,2023.
Howden Joinery Group Plc designs, produces, and sells kitchens and joinery products (furniture, countertops, sinks, etc.) to homebuilders and real estate developers.
At the end of 2022, the group had 2 production sites located in the United Kingdom and 871 depots (808 in the United Kingdom, 58 in France, and 5 in Belgium).
Net sales are distributed geographically as follows: the United Kingdom (97.3%) and Continental Europe (2.7%).