15 May 2024
TI Fluid Systems
plc
("TI Fluid Systems" or the
"Company")
Update on Share Buy-back
Programme
TI Fluid Systems plc ("TI Fluid
Systems plc" or the "Company") confirms the completion of a €18.8
million second tranche (the "Second Tranche") of the €40 million
Share Buy-back programme, announced on 4
October 2023 (the "Buy-back
Programme").
Since the commencement of the
Buy-back Programme, the Company has purchased 14,241,487 Ordinary
Shares on Exchange at a volume weighted average price of 143.53 GBp
per Ordinary Share for a total of approximately €23.8 million. The
Ordinary Shares purchased have been, or will shortly be,
cancelled.
TI Fluid Systems today also announces the commencement of a third and final
tranche of the Buy-back Programme (the "Third Tranche") of
approximately €16.2 million. The Ordinary Shares purchased
under the Third Tranche will be cancelled.
The Third Tranche will be carried out
under the Agreement and will take place during the period starting
on 15 May 2024 and ending no later than 13 May 2025. The
Third Tranche is subject to an irrevocable non-discretionary
instruction issued by the Company to Peel Hunt and Peel Hunt will
make trading decisions in relation to the Third Tranche of the
Buy-back Programme independently of, and without further
instruction from, the Company.
Any purchases of Ordinary Shares
under the Buy-back Programme will be carried out on the London
Stock Exchange in accordance with certain pre-set parameters set
out in the Agreement and in accordance with (and subject to the
limits prescribed by) the Company's general authority to repurchase
Ordinary Shares granted by its shareholders at the 2024 AGM,
Chapter 12 of the Financial Conduct Authority's Listing Rules,
Article 5(1) of the Market Abuse Regulation (EU) No 596/2014 (as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended), the Commission Delegated
Regulation (EU) No 2016/1052 (as it forms part of domestic law by
virtue of the European Union (Withdrawal) Act 2018, as amended),
and other applicable laws.
The maximum number of Ordinary
Shares that may be repurchased under the Buy-back Programme is
34,747,931 Ordinary Shares, representing approximately 6.8% of the
Company's issued ordinary share capital in issue as at 28 March
2024 (being the last practicable date prior to the publication of
the notice of the 2024 AGM).
Capitalised terms used but not
defined in this announcement have the meanings given to them in the
announcement by the Company relating to the commencement of the
Buy-back Programme published on 4 October 2023.
The Company will announce any market
repurchase of Ordinary Shares no later than 7.30 a.m. on the
business day following the calendar day on which the repurchase
occurred.
Enquiries:
TI Fluid Systems plc
Kellie McAvoy
Investor Relations
Tel: +44 7354 846374
Headland Consultancy
Matt Denham/Chloe
Francklin
Tel: +44 (0)20 3805 4822
About TI Fluid Systems
TI Fluid Systems is a global
innovator of thermal and fluid system solutions for the full range
of current and developing vehicle architectures. Serving all major
automotive manufacturers, with more than 100 years of automotive
supply experience; TI Fluid Systems operates across 27 countries
with a commitment to improving efficiency, performance and
sustainability worldwide. To find out more about TI Fluid Systems,
visit www.tifluidsystems.com.