Ultimate Products (ULTP): Share buy-back and Rule 9 waiver

This situation live

£42m · 49.0p · −3% since the first step

Capital return

Share buy-back and Rule 9 waiver

Renewal proposed, AGM vote pending

DEC11 Next: Independent shareholder poll on Rule 9 waiver at AGM in 38 days

Every step · 1

2 Nov 2026 Renewal proposed, AGM vote pending – Approval by the Independent Shareholders of the Waiver Resolution is a pre-condition to the exercise of the Proposed Renewed Buy-Back Authority by the Company. ↗

What is happening

Ultimate Products: Share buy-back and Rule 9 waiver – Renewal proposed, AGM vote pending. ['Renewal proposed, AGM vote pending']

In short: The Company published its AGM notice on 2 Nov 2026, seeking to renew the authority to buy back up to 8,633,013 shares (~10%) and the Rule 9 waiver for the Gossage/Showman/Franks concert party (42.7%). Buybacks can only start if independent shareholders approve the waiver on a poll at the AGM on 11 Dec 2026. The Board keeps its ~1.0x net debt/EBITDA policy.
Announced: 2 Nov 2026 · Renewal proposed, AGM vote pending
Authority: Buy back up to 8,633,013 shares, ~10% of 86,330,132 shares in issue
Concert party: Holds 36,821,400 shares, 42.7%; Panel has agreed to grant the waiver if approved
Effect of full use: Concert party interest rises to 47.4% if the full 10% is bought from others
Condition: Independent shareholders approve the waiver on a poll at the AGM
Next milestone: AGM at 2.00pm on 11 December 2026
Capital policy: Net bank debt/adjusted EBITDA of about 1.0x over the medium term; excess cash returned

Independent shareholder poll on Rule 9 waiver at AGM (11 Dec 2026).

Briefing Pro

What it does, how it got here, what management promised and delivered – written from its own announcements.

From the company's own announcements. Not investment advice.

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