REG - Macfarlane Group PLC - Launch of up to £4 million share buyback programme

MacfarlaneAnnouncement

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RNS Number : 7058I  Macfarlane Group PLC  15 May 2025

15 May 2025

Macfarlane Group PLC

("Macfarlane" or the "Company)

Launch of up to £4 million share buyback programme

As noted in Macfarlane's AGM Trading Update on 13 May 2025, Macfarlane Group
PLC (LSE: MACF), the protective packaging specialist, announces its intention
to commence a share buyback programme over a period of 12 months with an
aggregate value of up to £4 million ("the Programme"). The Programme will be
completed in four quarterly tranches, each with an aggregate value of up to
£1 million ("Quarterly Tranche").

On 13 May 2025 at the Company's Annual General Meeting the shareholders
granted general authority (the "General Authority") for the Company to make
market purchases of existing ordinary shares of 25 pence each in the capital
of the Company ("Ordinary Shares") up to 15,960,000 Ordinary Shares
(representing approximately 10% of the Company's issued ordinary share
capital). As such the maximum number of Ordinary Shares which can be purchased
in any Quarterly Tranche is 3,990,000 (and up to 15,960,000 over the duration
of the Programme).

The Programme will commence on Monday 2 June 2025 and will end no later than
close of trading on Friday 29 May 2026. A continuation of the Programme beyond
the conclusion of the Company's next annual general meeting (or, if earlier,
the close of trading on 29 May 2026) will be subject to, inter alia, the
Board's consideration of the Company's capital allocation policy, and the
Company obtaining fresh general authority from its shareholders at such annual
general meeting.

The Company has entered into non-discretionary instructions with Shore Capital
Stockbrokers Limited to conduct the Programme on its behalf and to make
trading decisions under the Programme independently of the Company.

The maximum price paid per Ordinary Share (exclusive of expenses) will be no
more than the higher of: (i) 5% above the average of the middle market
quotations taken from the London Stock Exchange Daily Official List for the
five business days preceding any Ordinary Shares being purchased; and (ii) the
higher of the price of the last independent trade and the highest independent
bid for Ordinary Shares on the trading venue where the purchase is carried
out. The minimum price shall be no less than a price of 25 pence per Ordinary
Share (exclusive of expenses), being the nominal value of an Ordinary Share.

It is intended that Ordinary Shares repurchased shall be cancelled which will
reduce the share capital of the Company. Any purchases of Ordinary Shares by
the Company in relation to the Programme will be conducted in accordance with
the General Authority and, insofar as is possible, in accordance with the safe
harbour parameters of the Market Abuse Regulation (Regulation (EU) No
596/2014) and the Commission Delegated Regulation (EU) 2016/1052 (as
incorporated into UK domestic law by virtue of the UK's European Union
(Withdrawal) Act 2018 and the Market Abuse (Amendment) (EU Exit) Regulations
2019)('MAR') as well as the applicable laws and regulations of the Financial
Conduct Authority.

Taking into account the Company's capital allocation policy, the Company shall
be entitled for the duration of the Programme, within five business days of
the end of any Quarterly Tranche, to instruct Shore Capital to suspend or
terminate purchases of Ordinary Shares by Shore Capital pursuant to the
Programme. Furthermore, should the share price of the Ordinary Shares reach or
exceed 130 pence per Ordinary Share, the Programme will be suspended.

Any market purchase of Ordinary Shares pursuant to the Programme will be
announced no later than 7.30am on the business day following the day on which
the purchase occurred.

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) No.596/2014, which forms
part of UK law by virtue of the European Union (Withdrawal) Act 2018. The
Company confirms that it currently has no other unpublished price sensitive
information

 

 Further enquiries:  Macfarlane Group                                                           Tel: 0141 333 9666
                     Peter Atkinson                  Chief Executive
                     Ivor Gray                             Finance
                     Director

                     Spreng Thomson                                                             Mob: 07803 970103
                     Callum Spreng

 

Legal Entity Identifier (LEI):  213800LVRYDERSJAAZ73

Notes to Editors:

·    Macfarlane Group PLC has been listed on the Main Market of the London
Stock Exchange plc (LSE: MACF) since 1973, with over 70 years' experience in
the UK packaging industry.

·    Through its two divisions, Macfarlane Group services a broad range of
business customers, supplying them with high-quality protective packaging
products which help customers reduce supply chain costs, improve operational
efficiencies and sustainability and enhance their brand presentation. The
divisions are:

o Packaging Distribution - Macfarlane Packaging Distribution is the leading UK
distributor of a comprehensive range of protective packaging products; and

o Manufacturing Operations - Macfarlane Design and Manufacture is a UK market
leader in the design and production of protective packaging for high value and
fragile products.

·    Headquartered in Glasgow, Scotland, Macfarlane Group employs over
1,000 people at 43 sites, principally in the UK, as well as in Ireland,
Germany and the Netherlands.

·    Macfarlane Group supplies more than 20,000 customers, principally in
the UK and Europe.

·    In partnership with 1,700 suppliers, Macfarlane Group distributes and
manufactures 600,000+ lines, supplying to a wide range of sectors, including:
retail e-commerce; consumer goods; food; logistics; mail order; electronics;
defence; medical; automotive; and aerospace.

 

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