Severfield plc commences an Equity Buyback Plan for 30,953,000 shares, representing 10% of its issued share capital, under the authorization approved on September 6, 2023.
April 25, 2024 at 02:14 am EDT
Share
Severfield plc (LSE:SFR) commences share repurchases on April 24, 2024, under the program mandated by the shareholders in the Annual General Meeting held on September 6, 2023. As per the mandate, the company is authorized to repurchase up to 30,953,000 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.025 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. Repurchased shares will be held as treasury shares or the company may use them for the purposes of its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company to be held in 2024, or on September 30, 2024, whichever is the earlier. As of August 3, 2023, the company had 309,538,321 shares in issue and no shares in treasury.
On April 17, 2024, the company announced a share repurchase program. Under the program, the company has entered into an irrevocable non-discretionary agreement with Liberum Capital Limited to repurchase up to £10 million worth of its shares. The purpose of this buyback program is to return surplus capital to shareholders and reduce the Group's share capital.
Severfield plc is a United Kingdom-based structural steel company that offers various products, such as Severstor, Rotoflo, Siloflo, Bin Activator, Seversafe, Fabsec and Processing. The Company's services include design, manufacturing, fabrication, delivery, construction and project management. It operates in three segments: Core Construction, Modular Solutions, and JSSL. Its projects include Stadia & Leisure, Transport infrastructure, Commercial Projects, Industrial Projects, and Health and Education Projects. Its Stadia & Leisure projects include Fulham FC Riverside Stand, Tottenham Hotspur Stadium, Wimbledon No.1 Court, V&A Dundee and others. Its Transport infrastructure projects include Ordsall Chord, Ely Southern Bypass and Manchester Airport Multi-Storey Car Park. Its Commercial Projects include 22 Bishopsgate, The Shard and Arbor Bankside Yards. Its Industrial Projects include BRS2 Distribution Centre, Luton Regional Distribution Centre and Stafford Regional Distribution Centre.
Severfield plc commences an Equity Buyback Plan for 30,953,000 shares, representing 10% of its issued share capital, under the authorization approved on September 6, 2023.