Launch of second tranche of share buyback
Keller Group plc announced the launch of the second £25 million tranche of its multi-year share buyback program, following the completion of an initial £25 million tranche in the first half of 2025. The company has entered into agreements with Investec Bank plc and Peel Hunt LLP to execute the buyback through on-market purchases of ordinary shares with a nominal value of 10 pence each. Investec will handle the first £12.5 million, and Peel Hunt will manage the subsequent £12.5 million. The purpose of the buyback is to reduce the company's share capital, with repurchased shares held in treasury for future employee share plan obligations. The program commences on 29 September 2025 and is expected to conclude by 31 March 2026, with a maximum of 7,297,658 shares to be repurchased.
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On 5 August 2025 Keller Group plc ('Keller' or the 'Group') announced that following the successful completion of an initial £25 million tranche of the multi-year share buyback programme in the first half of 2025, a further £25 million tranche is planned in the second half of 2025.
Keller announces that, pursuant to the multi-year share buyback programme, it has entered into non-discretionary agreements with each of Investec Bank plc ('Investec') and Peel Hunt LLP ('Peel Hunt') (together the 'Brokers') to execute the share buyback programme through on-market purchases of the Group's Ordinary Shares of 10 pence each (the 'Shares'). Investec will execute the first £12.5 million of the share buyback programme and Peel Hunt will execute the second £12.5 million of the share buyback programme. Trading decisions under the share buyback programme will be made by the Brokers independently of the Group on an irrevocable and non-discretionary basis, subject to certain parameters agreed prior to the commencement of the share buyback programme. During any closed periods the Group and its directors have no power to invoke any changes to the programme and it will be executed at the sole discretion of the Brokers.
The purpose of the share buyback programme is to reduce the share capital of the Group. Shares purchased pursuant to the buyback programme will be held in Treasury and may be used to satisfy future obligations under the Group's employee share plans.
The Board regularly reviews the Group's cash performance and ongoing capital requirements and considers the share buyback programme to be in the best interests of the Group and its shareholders, providing a further means of returning surplus capital to shareholders, whilst maintaining the financial flexibility to invest in the Group's strategy.
Any purchase of shares under the share buyback programme will be executed in accordance with the Group's general authority1 to repurchase shares granted at its 2025 Annual General Meeting to purchase up to 7,297,658 Shares and any subsequent authority, Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018), and Chapter 9 of the Financial Conduct Authority's UK Listing Rules. The maximum price paid per 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 Group may repurchase up to 25% of the average daily volume of the previous twenty business days per day. The minimum price shall be no less than (exclusive of expenses) a price of 10 pence per Share, being the nominal value of a Share.
The share buyback programme will commence today, 29 September 2025, and it is anticipated will end no later than 31 March 2026.
Repurchases of shares under the share buyback programme will be announced no later than 7.30 am on the business day following the calendar day on which the repurchase occurred. There is no guarantee that the share buyback programme will be implemented in full or that any Ordinary Shares will be repurchased by Keller.
1 The existing authority to buy back shares granted at the Company's 2025 Annual General Meeting will expire at the earlier of 14 August 2026 or the Company's 2026 Annual General Meeting, where the Company expects to seek renewal of that authority.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.