Likewise Group plc (LON:LIKE), the fast growing UK floor coverings distributor, has announced that it intends to conduct a share buyback programme of ordinary shares of £0.01 each in the capital of the Company up to a maximum aggregate consideration of £250,000.
Under the Buyback Programme, the Company will, at appropriate times, seek to buy back its Ordinary Shares using the Company’s existing cash resources for up to the Maximum Amount. The Buyback Programme is considered to be in the best interests of all shareholders.
Likewise Group has entered into an agreement for its broker Zeus Capital Limited to carry out purchases of its Ordinary Shares under the Buyback Programme on its behalf. As and when requested to do so by the Company, Zeus will seek to purchase Ordinary Shares with total purchases over the programme up to the Maximum Amount.
The Buyback Programme is in accordance with the terms of the Company’s authority to make market purchases of its own Ordinary Shares granted to it by shareholders on 20 June 2024, including that the maximum price paid per Ordinary Share shall not exceed the higher of: (a) 105 per cent. of the average trading price of the Ordinary Shares as derived from the middle market quotations for an Ordinary Share on the London Stock Exchange Daily Official List for the five trading days immediately preceding the date on which an Ordinary Share is contracted to be purchased; and (b) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out.
Share repurchases under the Buyback Programme may be undertaken until the earlier of the Maximum Amount being repurchased and 30 August 2024.
Any Ordinary Shares acquired as a result of the Buyback Programme will be initially held in treasury and then may be cancelled periodically.
No Ordinary Shares will be sold by any member of the Board as part of the Buyback Programme.
The Buyback Programme, will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU, each as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018.
The Company will make further announcements in due course following any share purchases conducted through the Buyback Programme.
Likewise Group confirms that it currently has no unpublished price sensitive information.
