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ScS Group PLC   -  SCS   

Proposed Share Buyback

Released 16:39 05-Nov-2019

RNS Number : 3716S
ScS Group PLC
05 November 2019
 

 

 

 

5 November 2019

 

 

ScS Group plc

("ScS", or the "Company")

Proposed Share Buyback

 

ScS, one of the UK's largest retailers of upholstered furniture and floorings, notes today's announcement regarding the proposed sell-down of existing ordinary shares of 0.1 pence each in the Company ("Ordinary Shares") (the "Placing") by Parlour Product Holdings (LUX) S.A.R.L (the "Seller").

 

ScS confirms that it has informed Shore Capital Stockbrokers Limited (who is acting as Sole Bookrunner in relation to the Placing) of its intention to potentially participate in the Placing using the buy-back authority granted by its shareholders at its Annual General Meeting on 21 November 2018. The Company intends to limit its participation in the Placing to a maximum of 1,996,455 Ordinary Shares which represents approximately 4.99% of the Company's current issued share capital.

 

The Company has decided to participate in the Placing given its significant cash resources and the cash generative nature of the business. Any Ordinary Shares purchased in the Placing by the Company will be cancelled and the Company's share capital will be reduced accordingly.

 

The Company notes that, if it does participate in the Placing, the transaction is expected to be a related party transaction under Listing Rule 11.1.10R and accordingly, in accordance with that rule, a further announcement would be made.

 

Enquiries:

 

ScS Group PLC

David Knight, Chief Executive Officer

Chris Muir, Chief Financial Officer

 

c/o Buchanan +44 (0)20 7466 5000

Buchanan

Richard Oldworth

Tilly Abraham

 

Tel: +44 (0)20 7466 5000

scs@buchanan.uk.com

Shore Capital

   Patrick Castle

   James Thomas

Sarah Mather

Tel: +44 (0)207 408 4050

 

 


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Proposed Share Buyback - RNS