Spectris (SXS) Shares Traded Sideways Amid £50M Share Buyback

The Spectris plc (LON: SXS) share price traded sideways despite announcing that it had initiated the first phase of its share repurchase program, which is part of the up to £150 million share buyback announced on December 11, 2023.

This program aims to reduce the total number of Spectris' outstanding Ordinary Shares. As a result, the Group intends to cancel the Ordinary Shares acquired through this initiative.

The initial phase of this program will be executed through an irrevocable non-discretionary agreement with Merrill Lynch International. Merrill Lynch will act as the principal purchaser of Ordinary Shares (independent of Spectris plc) to subsequently sell them to and purchase them on behalf of Spectris plc.

This program's first phase will be in effect from December 13, 2023, and will continue until no later than May 31, 2024, pending any regulatory objections or concerns. The total consideration for this phase is set at £50.0 million.

Under the authority granted at the Group's 2023 annual general meeting, the maximum number of Ordinary Shares that can be repurchased in this phase is 8,227,673. It is important to note that Merrill Lynch will independently determine its trading decisions concerning the Ordinary Shares and will not be influenced by the Group.

Any purchases of Ordinary Shares as part of this initial phase of the program will take place on the London Stock Exchange and any other UK-recognized investment exchange as agreed upon. 

These purchases will adhere to predefined parameters and be conducted under the Group's general authority to repurchase Ordinary Shares, which its shareholders granted at the most recent annual general meeting. 

Spectris (SXS) share price. 

Spectris' share price traded sideways despite its latest share buyback plans.