# Howden Joinery Group Plc £100 million share buy-back programme

- Link: https://www.directorstalkinterviews.com/howden-joinery-group-plc-100-million-share-buy-back-programme/4121188569
- Published: 2025-03-13T07:50:08+00:00
- Author: Amilia Stone

Further to the announcement of Howdens’ intention to repurchase up to £100 million
of its shares over the next 12 months in its  2024 Full Year Results, **Howden Joinery
Group Plc **(LON:HWDN) has announced that it has instructed its joint-broker, Numis
Securities Limited, to execute the first part of the Programme to repurchase up 
to £50 million of its shares commencing on or after 13 March 2025 and ending no 
later than 25 February 2026. Under this arrangement, Deutsche Numis, an independent
third party, will act as principal and will make decisions under the Programme independently
from the Company during any closed periods.

The Company’s shareholders authorised the Company to repurchase up to a maximum 
of 54,867,335 of its ordinary shares at the Annual General Meeting held on 2 May
2024. The Company intends to purchase shares under this authority until the conclusion
of its 2025 Annual General Meeting to be held on 1 May 2025 (the “2025 AGM”). The
Company anticipates that it will request a similar general authority from shareholders
at the 2025 AGM in line with which any purchases of shares in relation to the Programme
will continue. The aggregate number of shares acquired by the Company pursuant to
the Programme shall not exceed the maximum number of shares which the Company is
authorised to purchase pursuant to such general authorities as at the time of purchase.
The sole purpose of the Programme is to reduce the Company’s share capital. Shares
repurchased under the Programme will be cancelled or transferred into treasury. 
Any shares held in treasury have no voting or dividend rights and are used to meet
future obligations arising from Company employee share option programmes.

The Programme is in line with Howden Joinery Group’s stated capital allocation policy,
which prioritises our strategy of continuing to invest in depots, manufacturing 
and logistics capabilities and related strategic investments, while delivering a
progressive dividend. Any repurchases of shares under the Programme will be carried
out on the London Stock Exchange and in accordance with (and subject to the limits
prescribed by) the Company’s general authority to repurchase shares granted by its
shareholders (at the applicable time), the Market Abuse Regulation 596/2014 (as 
it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and
Chapter 9 of the Financial Conduct Authority’s UK Listing Rules.

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