Launch of £100 million share buyback tranche
Keller Group plc has initiated a £100 million share buyback programme, commencing on 30 March 2026 and expected to conclude by 31 March 2027. This programme, executed through non-discretionary agreements with Investec Bank plc and Peel Hunt LLP, will see Investec manage the first £50 million and Peel Hunt the subsequent £50 million. The buyback aims to reduce share capital, with repurchased shares to be held in treasury for future employee share plan obligations. The Board views this as beneficial for shareholders, returning surplus capital while maintaining financial flexibility for strategic investments. Purchases will adhere to regulatory guidelines, with a maximum price set at 5% above the average market quotation over the preceding five business days.
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On 3 March 2026 Keller Group plc (`Keller' or the `Group') announced its intention to return a further £100 million to shareholders in 2026 as part of its multi-year share buyback programme.
Keller now announces that, pursuant to its 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 £50 million of the share buyback programme and Peel Hunt will execute the second £50 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, 30 March 2026, and it is anticipated will end no later than 31 March 2027.
Any purchase of Ordinary Shares pursuant to the share buyback programme will be announced by no later the end of the 7th daily market session following the calendar day on which such transaction 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.