UK Company Repurchases 109,704 Shares as Part of Buyback Programme

Bodycote plc repurchased 109,704 ordinary shares on May 13, 2024, as part of its share buyback programme announced on March 15, 2024. The shares, valued at 173/11 pence each, will be cancelled, reducing the total number of shares in issue.

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Nitish Verma
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UK Company Repurchases 109,704 Shares as Part of Buyback Programme

UK Company Repurchases 109,704 Shares as Part of Buyback Programme

On May 13, 2024, Bodycote plc, a UK-based company, repurchased 109,704 of its ordinary Transaction, shares as part of the share buyback programme it announced on March 15, 2024. The shares, each valued at 173/11 pence, were purchased through HSBC Bank PLC and will be cancelled, reducing the total number of shares in issue.

Why this matters: This share buyback programme has significant implications for Bodycote's investors and the wider market, as it can impact the company's earnings per share and influence investor sentiment. Additionally, the programme's transparency and compliance with regulatory requirements set a precedent for other companies to follow, promoting fair market practices.

Since the commencement of the buyback programme, Bodycote has repurchased a total of 2,113,490 ordinary shares. After the cancellation of the recently repurchased shares, the company will have 189,342,682 ordinary shares in issue, with no shares held in treasury. The transaction, shares total number of voting rights in Bodycote plc will be 189,342,682.

The share buyback programme is being carried out in accordance with the Market Abuse Regulation (EU) No 596/2014. Under this regulation, Bodycote is required to disclose the detail breakdown of individual trades made as part of the programme.

Share buyback programmes allow companies to repurchase their own shares from the market, reducing the total number of outstanding shares. This can be done for various reasons, such as to boost earnings per share, return excess cash to shareholders, or to prevent hostile takeovers by reducing the number of shares available for purchase.

For further information about the share buyback programme, Bodycote has provided contact details for its executives, including Stephen Harris, Group Chief Executive; Ben Fidler, Chief Financial Officer; and Peter Lapthorn, Head of FP&A and Investor Relations. The company has also provided contact information for FTI Consulting, its external communications advisor.

The repurchase of 109,704 ordinary shares on May 13, 2024, marks another step in Bodycote's ongoing share buyback programme. As the company continues to implement this programme, it remains committed to adhering to the disclosure requirements set out in the Market Abuse Regulation, ensuring transparency for its shareholders and the wider market.

Key Takeaways

  • Bodycote repurchased 109,704 ordinary shares on May 13, 2024, at 173/11 pence each.
  • Total shares repurchased under the programme: 2,113,490.
  • Remaining ordinary shares in issue: 189,342,682.
  • Share buyback programme aims to boost earnings per share and return excess cash.
  • Programme adheres to Market Abuse Regulation (EU) No 596/2014 for transparency.