Dowlais Group PLC has announced the commencement of a share buy-back programme of its ordinary shares for up to a maximum aggregate consideration of £50 million. The programme, which will run from 4 April 2024 to no later than 31 March 2025, aims to reduce Dowlais' share capital, with the purchased shares to be cancelled. The company has entered into non-discretionary instructions with Investec Bank plc to conduct the programme on its behalf and make on-market purchases of shares. The maximum number of shares that may be purchased under the programme is 139,327,352.
Investec will make trading decisions independently of Dowlais, and any purchase of shares will be executed in accordance with Dowlais' authority to repurchase ordinary shares and other applicable laws. Dowlais will announce any purchase of shares pursuant to the programme no later than 7.30 a.m. on the business day following the calendar day on which the purchase occurs. Additionally, Investec may undertake transactions in Dowlais' ordinary shares to manage its market exposure under the programme, and Dowlais will make any legally required disclosures in relation to such transactions.
Simon Mackenzie Smith, Chair of Dowlais, expressed that the commencement of the £50 million share buyback is part of the Board's focus to maximize the full value of the Group and its businesses. He emphasized the confidence in delivering significant value from Dowlais, derived from the strong fundamentals of each of their two market-leading businesses, GKN Automotive and Powder Metallurgy.
For further information, investors and analysts can contact Pier Falcione at [email protected] or +44 (0) 7855 185420, while media inquiries can be directed to Teneo at [email protected] or +44 (0) 7902 771008.