Further to the announcement of Howdens' intention to repurchase up to £250 million of its shares over the next 12 months (the "Programme") in its 2021 Full Year Results, the Company announces that it has instructed its joint-broker UBS AG, London Branch ("UBS") to execute the first part of the Programme by way of a non-discretionary arrangement to repurchase up to £125 million of its shares commencing on or after 8 March 2022 and ending no later than 29 July 2022. Under this arrangement, UBS, an independent third party, will act as principal and will make decisions under the Programme independently from the Company.

The Company's shareholders authorised the Company to repurchase up to a maximum of 59,708,863 of its ordinary shares at the Annual General Meeting held on 6 May 2021. The Company intends to purchase shares under this authority until the conclusion of its 2022 Annual General Meeting to be held on 12 May 2022 (the "2022 AGM"). The Company anticipates that it will request a similar general authority from shareholders at the 2022 AGM in line with which any purchases of shares in relation to the Programme will continue. The aggregate number of shares acquired by the Company pursuant to the Programme shall not exceed the maximum number of shares which the Company is authorised to purchase pursuant to such general authorities as at the time of purchase. Shares repurchased under the Programme will be cancelled to reduce the share capital of the Company or transferred into treasury. Any shares held in treasury have no voting or dividend rights and are used solely for the satisfaction of employee share awards.

The Programme is in line with the Company's stated capital allocation policy, which prioritises our strategy of continuing to invest in depots, manufacturing and logistics capabilities and related strategic investments, while delivering a progressive dividend. Any repurchases of shares under the Programme will be carried out on the London Stock Exchange and in accordance with (and subject to the limits prescribed by) the Company's general authority to repurchase shares granted by its shareholders (at the applicable time), the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules.

 

 

Enquiries:

Howdens:

Mark Fearon, Director of IR and Communications:             +44 (0)7711 875070

Forbes McNaughton, Company Secretary:                           +44 (0)7557 256324

 

Brunswick (Media Enquiries):

Nina Coad or David Litterick:                                                 +44 (0)207 404 5959