TI Fluid Systems plc commences an Equity Buyback Plan for 52,026,914 shares, representing 10% of its issued share capital, under the authorization approved on May 16, 2023.

TI Fluid Systems plc (LSE:TIFS) commences share repurchases on October 4, 2023, under the program mandated by the Annual General Meeting held on May 16, 2023. As per the mandate, the company will repurchase up to 52,026,914 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher of 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, for the five business days immediately before the date 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 on the trading venue where the purchase was carried out.

The repurchased shares will be cancelled or held in treasury. The authorization is valid till next Annual General Meeting in 2024 or August 16, 2024, if earlier. As of May 12, 2023, the company had 520,269,141 issued shares.