Smiths Group plc commences an Equity Buyback Plan for 34,753,833 shares, representing 10% of its issued share capital, under the authorization approved on November 16, 2023.
March 26, 2024 at 03:15 am EDT
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Smiths Group plc (LSE:SMIN) commences share repurchases on March 26, 2024, under the program mandated by shareholders in the Annual General Meeting held on November 16, 2023. As per the mandate, the company is authorized to repurchase up to 34,753,833 shares, representing 10% of its share capital. The minimum price to be paid for repurchase is £0.375 and the maximum price to be paid for repurchase 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 prior to the day on which the ordinary share is 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 on the trading venue where the purchase is carried out. The repurchased shares may either be cancelled or held as treasury shares, which may then be cancelled, sold for
cash or used to satisfy obligations under the Company's employee share schemes. The authority will be valid till next Annual General Meeting to be held in 2024 or January 31, 2025, whichever is earlier. As of November 14, 2023, the company had 347,538,330 issued shares and 0 treasury shares.
Smiths Group plc is an industrial group organized around 4 product families:
- industrial equipment (35.5% of net sales; John Crane): mechanical linings, auxiliary sealing systems for pumps and compressors, bearings, power transmission couplings, etc.;
- detection equipment (26.5%; Smiths Detection): for detecting and identifying explosives, weapons, chemical and biological agents, etc.;
- tubular and thermal systems (25.3%; Flex-Tek);
- electric and electronic interconnection equipment (12.7%; Smiths Interconnect): primarily for the defense, telecom and transportation sectors.
Net sales are distributed geographically as follows: Europe (18.5%), the Americas (54%), Asia/Pacific (16.2%) and other (11.3%).
Smiths Group plc commences an Equity Buyback Plan for 34,753,833 shares, representing 10% of its issued share capital, under the authorization approved on November 16, 2023.
SMITHS GROUP PLC 
