Smiths Group Plc (LON:SMIN) has announced that, in connection with the £1 billion share buyback programme announced on 19 November 2025, it will shortly commence the second tranche of the programme to purchase ordinary shares in the capital of the company with a value of up to £400 million, subject to remaining within the company’s general authority to repurchase ordinary shares granted by its shareholders at its Annual General Meeting on 19 November 2025, or any subsequent renewal, extension or replacement authority granted by the company’s shareholders from time to time at any Annual General Meeting or other general meeting. The second tranche of the programme, which will commence when the current £600 million buyback completes, is expected to be completed by the end of calendar year 2026. The purpose of the programme is to reduce the share capital of Smiths. Ordinary shares acquired under the second tranche of the programme may either be cancelled or held in treasury, at the company’s discretion.
The Company has entered into an agreement with HSBC Bank plc ("HSBC") under which it has issued an instruction to HSBC to manage the second tranche of the programme. HSBC will carry out the instruction through the acquisition of ordinary shares in the Company for subsequent repurchase by the Company, with such ordinary shares to be either cancelled or held in treasury, at the Company’s discretion. This arrangement is in accordance with the Company’s general authority to repurchase ordinary shares, Chapter 12 of the Financial Conduct Authority’s Listing Rules, Article 5(1)(b) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018).
