Brickability Group plc (LON:BRCK), a leading distributor and provider of specialist products and services to the UK construction industry, has announced that it has established the Brickability Group plc Employee Benefit Trust.
The EBT, managed by Equiniti Trust (Jersey) Limited, will act independently of the Group and will be funded by way of a loan from the Company. It is expected to make market purchases of ordinary shares in the Company to be applied towards the satisfaction of future exercises of vested options and awards granted pursuant to the Company’s share incentive schemes.
Intended EBT market purchases
The Trustee has indicated its intention to make market purchases of Ordinary Shares for the benefit of the EBT to be applied towards the satisfaction of future exercises of vested options and awards granted pursuant to Brickability Group’s share incentive schemes.
The Trustee has absolute discretion and independence in respect of all trading decisions it may make in respect of the Market Purchases.
The programme of Market Purchases will, unless terminated by the Trustee at an earlier date, expire on 20 March 2026, and will be limited to £50,000 of Ordinary Shares by market value each calendar month.
The Market Purchases are subject to the Trustee’s discretion as to the purchase price to be paid up to a pre-agreed maximum price per Ordinary Share of an amount equal to the higher of (i) 5% above the average of the middle market quotations for Ordinary Shares for the preceding five business days immediately preceding the day on which the purchase is made; and (ii) the higher of the price of the last independent trade of Ordinary Shares and the highest current independent bid for an Ordinary Share as derived from the trading venue where the purchase is carried out.
