LONDON, UK: Avon Protection plc intends to commence a share buyback programme in respect of its ordinary shares of £1 each up to a maximum consideration of £18.5 million.
The purpose of the Share Buyback Programme is to reduce the share capital of the Group in order to return value to shareholders.
Avon Protection plans to execute the buy-back in two tranches. In respect of the first tranche, Avon Protection announces that it has entered into an irrevocable non-discretionary instruction with Jefferies International Limited in relation to the purchase by Jefferies, acting as principal during the period commencing on 28 January 2022 and ending no later than 30 May 2022, of Ordinary Shares for an aggregate consideration (excluding expenses) of no greater than £9.25 million and the simultaneous on-sale of such Ordinary Shares by Jefferies to Avon Protection, where they will be held in treasury.
Jefferies will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of, and uninfluenced by, the Group. It is anticipated that the second tranche, subject to a separate instruction, will commence promptly on completion of the first.
Avon Protection designs and produces life critical personal protection solutions for the world’s militaries and first responders. With a portfolio that includes respiratory and ballistic protection products, Avon Protection’s mission is to relentlessly advance the future of protection enhancing the performance, efficiency and capability of their customers whilst providing ever increasing levels of protection.
Avon Protection operates from 7 sites employing 1,000+ people and is listed on the London Stock Exchange (LSE: AVON).