Staffline Group PLC Launch of Share Buy-back (5846O)
04 Oktober 2023 - 8:00AM
UK Regulatory
TIDMSTAF
RNS Number : 5846O
Staffline Group PLC
04 October 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR").
4 October 2023
Staffline Group plc
("Staffline" or the "Company")
Launch of Share Buy-back
Staffline Group plc, the recruitment and training group, today
announces its intention to make a series of share repurchases of up
to an aggregate of 3,904,598 ordinary shares in the Company (the
"Share Buy-back"), being the balance of the unutilised shareholder
authority following the previous share buyback launched in August
2023.
The Group remains disciplined in its allocation of capital with
the main objective being to enhance shareholder value. We
continuously assess our medium-term plans which take account of
growth prospects, investment in the Republic of Ireland network,
cash generation, net borrowings, and leverage. Therefore, the
amount allocated to buybacks is based on our predicted trading cash
flows and financing headroom.
Accordingly, the Company today announces the launch of the Share
Buy-back, to repurchase up to 3,904,598 ordinary shares in the
capital of the Company (the "Ordinary Shares"). The Ordinary Shares
purchased pursuant to the Share Buy-back will be cancelled.
The Share Buy-back will be operated in accordance with the terms
of the Company's general authority to repurchase Ordinary Shares
granted by shareholders at its annual general meeting (the "AGM"),
held on 12 June 2023.
In accordance with the authority granted at the AGM, a) the
aggregate number of Ordinary Shares to be repurchased will not
exceed 3,904,598, b) the minimum price which may be paid for each
Ordinary Share will be GBP0.10, and c) the maximum price (excluding
expenses) which may be paid for each Ordinary Share will be the
higher of: (i) an amount equal to 105 per cent of the average of
the middle market quotations for the Ordinary Shares as derived
from the AIM Appendix of the Daily Official List of London Stock
Exchange plc for the five business days immediately preceding the
day on which the purchase is made; and (ii) an amount equal to the
higher of the price of the last independent trade of an Ordinary
Share and the highest current independent bid for an Ordinary Share
on the trading venue where the purchase is carried out.
Shareholders should be aware that a purchase of Ordinary Shares
by the Company on any trading day may represent a significant
proportion of the daily trading volume in the Ordinary Shares and
could exceed 25 per cent. of the average daily trading volume of
the preceding 20 business days. Should that be the case, the
Company could exceed the pricing and/or volume restrictions as
established by the Commission Delegated Regulation 2016/1052/EU (as
in force in the UK and as amended by the FCA's Technical Standards
(Market Abuse Regulation) (EU Exit) Instrument 2019) (the
"Regulation") and therefore the Share Buy-back may not fall within
the safe harbour provisions of the Regulation.
As part of the Share Buy-back, Liberum has been appointed to
purchase the Ordinary Shares as principal.
For further information, please contact:
Staffline Group plc via Vigo Consulting
www.stafflinegroupplc.co.uk
Albert Ellis, Chief Executive Officer
Daniel Quint, Chief Financial Officer
Liberum (Nominated Adviser and Broker)
www.liberum.com
Richard Lindley / Satbir Kler 020 3100 2222
Zeus (Joint Broker)
www.zeuscapital.co.uk
David Foreman (Investment Banking)
Nick Searle (Sales) 020 3829 5000
Vigo Consulting (Financial PR) 020 7390 0230
www.vigoconsulting.com Staffline@vigoconsulting.com
Jeremy Garcia / Kate Kilgallen
Market Abuse Regulation:
For the purposes of MAR, Article 2 of Commission Implementing
Regulation (EU) 2016/1055 and the UK version of such implementing
regulation, the person responsible for arranging for the release of
this Announcement on behalf of the Company is Daniel Quint, Chief
Financial Officer.
About Staffline
About Staffline - Recruitment, Training and Support
Enabling the Future of Work(TM)
Staffline is the UK's market leading Recruitment and Training
group. It has three divisions:
Recruitment GB
Staffline is a leading provider of flexible blue-collar workers,
supplying c.31,000 staff per day on average from around 400 sites,
across a wide range of industries including supermarkets, drinks,
driving, food processing, logistics and manufacturing.
Recruitment Ireland
The Recruitment Ireland business is a leading end to end
solutions provider operating across twenty industries, ten branch
locations and ten onsite customer locations, supplying c.4,500
staff per day on average, and offering RPO, MSP, temporary and
permanent solutions across the island of Ireland.
PeoplePlus Division
Staffline is the leading adult skills and training provider in
the UK, delivering adult education, prison education and
skills-based employability programmes across the country.
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END
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