Melrose Industries PLC announces an Equity Buyback for 437,242,947 shares, representing 10% of its issued share capital, under the authorization approved on May 5, 2022.
June 10, 2022 at 02:30 am EDT
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Melrose Industries PLC (LSE:MRO) commences share repurchases on June 9, 2022, under the program mandated by the shareholders in the Annual General Meeting held on May 5, 2022. As per the mandate, the company is authorized to repurchase up to 437,242,947 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is the nominal value of an ordinary share at the time of purchase and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares. The authority shall expire at the conclusion of the next Annual General Meeting of the company or June 30, 2023, whichever is earlier. As of March 31, 2022, the company had 4,372,429,473 ordinary shares in issue and no shares in treasury.
On June 8, 2022, the company announced a share repurchase program. Under the program, the company will repurchase 437,242,947 shares for £500 million. The Company has entered into irrevocable, non-discretionary instructions with Investec Bank plc and J.P. Morgan Securities plc to conduct the buyback program on its behalf and to make trading decisions under the program independently of company. The purpose of the program is to reduce the company's share capital. The repurchased shares will be cancelled. The program will commence on June 9, 2022 and will end no later than Oct. 31, 2022.
Melrose Industries PLC is a United Kingdom-based pure-play aerospace company. The Company provides advanced aerospace components and systems to all major original equipment manufacturer (OEMs), across both civil and defense markets. The Company operates through two divisions: Engines and Structures. Engines segment is a global tier one supplier to the aerospace engines market, including structural engineered components; parts repair; commercial and aftermarket contracts. Structures segment is a multi-technology global tier one supplier of both civil and defense air frames, including lightweight composite and metallic structures: electrical distribution systems and components. Its business includes GKN Aerospace, is a tier one supplier of airframe and engine structures, landing gear, electrical interconnection systems, transparencies, and aftermarket services.
Melrose Industries PLC announces an Equity Buyback for 437,242,947 shares, representing 10% of its issued share capital, under the authorization approved on May 5, 2022.