LONDON - Smiths Group (OTC:SMGZY) PLC, the global technology company, announced today that it will initiate the next phase of its share buyback programme, committing to repurchase up to £350 million worth of its ordinary shares. This action is part of a larger £500 million buyback plan, which is anticipated to be completed by the end of 2025.
The buyback is aimed at reducing the company’s share capital, and as such, the purchased shares will be cancelled. The decision to proceed with this tranche follows the authorization granted by Smiths Group’s shareholders at the Annual General Meeting on November 13, 2024, which allows for the repurchase of a maximum of 34,456,378 shares.
To facilitate this tranche of the Programme, Smiths Group has entered into an agreement with HSBC Bank plc, which will manage the share acquisition process. HSBC’s role is to purchase the ordinary shares on the company’s behalf, which will then be repurchased and cancelled by Smiths Group. This arrangement complies with the company’s general authority to repurchase shares, as well as with the Financial Conduct Authority’s Listing Rules and relevant EU regulations as incorporated into UK law.
The share buyback programme is a common strategy used by companies to return value to shareholders and can often signal confidence in the company’s financial health and future prospects. Smiths Group’s commitment to completing the buyback by the end of 2025 underscores the company’s strategic approach to capital allocation and shareholder value.
This announcement is based on a press release statement issued by Smiths Group PLC.
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