Northbridge Industrial Services Plc (LON:NBI), the industrial services and rental company, has announcesd that it has entered into irrevocable, non-discretionary arrangements with Shore Capital Stockbrokers Limited to repurchase ordinary shares on the Company’s behalf up to a maximum consideration of approximately £823,000. This is pursuant to the Company’s stated intention to satisfy future issuances of ordinary shares of 10p each in the Company under the Company’s long term incentive plan, as announced on 10 June 2021, from Ordinary Shares acquired in the market and held in treasury, for example pursuant to a share buyback.
The Share Buyback Programme will commence today, 03 March 2022, and will, unless completed or terminated in accordance with its provisions, continue until 10 June 2022. The maximum number of ordinary shares to be repurchased under the Share Buyback Programme is 2,706,475 Ordinary Shares. The repurchased Ordinary Shares will be held in treasury.
Shore Capital Stockbrokers will make its trading decisions in relation to the Company’s shares independently of, and uninfluenced by, the Company and in accordance with certain pre-set parameters.
The Share Buyback Programme will be conducted (i) initially in accordance with the Company’s general authority to repurchase ordinary shares as approved by shareholders at the Company’s Annual General Meeting (“AGM”) on 15 June 2021, and the continuation of the Share Buyback Programme will be contingent on the approval of the shareholders of a further repurchase general authority at the Company’s 2022 AGM (or as applicable, at an earlier GM of the Company) and (ii) the parameters prescribed by the Market Abuse Regulation 596/2014/EU, the Commission Delegated Regulation (EU) 2016/1052 and the Commission Delegated Regulation (EU) 2016/1052 (also as in force in the United Kingdom (“UK”), from time to time, including, where relevant, pursuant to the UK’s Market Abuse (Amendment) (EU Exit) Regulations 2019) as well as the applicable laws and regulations of the London Stock Exchange.
Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the Company following any repurchase. Northbridge Industrial Services confirms that currently it has no unpublished inside information.
