Last checked at 15 Mar 2022 07:15
15 March 2022
DFS Furniture plc ("DFS" and the "Group")
Launch of Share Buyback Programme
DFS Furniture plc, the market leading retailer of living room and upholstered furniture in the United Kingdom, today announced that it intends to commence a new share buyback programme in respect of its ordinary shares of £0.10 each ("Ordinary Shares") up to a maximum consideration of £25 million from the date of this announcement (the "Share Buyback Programme").
The Share Buyback Programme is consistent with the Group's disciplined approach to capital allocation, reflecting the Group's strong cash flow generation, robust balance sheet position and positive outlook. The sole purpose of the Share Buyback Programme is to reduce the issued share capital of the Group.
Details of the Share Buyback Programme
DFS has given irrevocable and non-discretionary instructions to Jefferies International Limited and Peel Hunt LLP (together, the "Brokers") in relation to the Share Buyback Programme, which will commence on 15 March 2022 and will end no later than 1 March 2023, subject to renewal of the requisite authority at the 2022 AGM. The Brokers will act as principals during the Share Buyback Programme and will make their trading decisions concerning the timing of the purchases of Ordinary Shares independently of the Group.
The number of ordinary shares to be purchased under the Share Buyback Programme will not exceed 25,838,638 Ordinary Shares and is therefore within the 2021 AGM approved limit. The maximum amount allocated to the Buyback Programme is £25 million. Any market repurchase of Ordinary Shares will be announced no later than 7:30 a.m. on the business day following the calendar day on which the repurchase occurred. All Ordinary Shares repurchased will be held in Treasury.
Any purchases of Shares contemplated by this announcement will be effected within certain pre-set parameters. These arrangements are in accordance with the general authority to repurchase up to 25,838,638 Ordinary Shares granted by the Group's shareholders at its Annual General Meeting held on 12 November 2021 (the "2021 AGM"), Chapter 12 of the Listing Rules, and those provisions of Article 5(1) of Regulation (EU) No. 596/2014 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) and the Commission Delegated Regulation (EU) 2016/1052 (as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) dealing with buyback programmes.
Details of the authority granted at the 2021 AGM can be found on our website under: https://www.dfscorporate.co.uk/media/56186/DFS-AGM-2021-Notice.pdf
Enquiries:
DFS: (enquiries via Tulchan) | TULCHAN |
Liz McDonald (Group Company Secretary) | James Macey-White |
Peter McDonald (Investor Relations) | Jessica Reid |
investor.relations@dfs.co.uk | dfs@tulchangroup.com |
About DFS Furniture plc
The Group is the clear market-leading retailer of living room furniture in the United Kingdom. Our Group purpose is to bring great design and comfort into every living room, in an affordable, responsible and sustainable manner. We operate an integrated physical and digital retail network of living room furniture showrooms and web sites in the United Kingdom, Republic of Ireland, Netherlands and Spain, trading through our leading brands, DFS, Sofology and Dwell. We attract customers through our targeted and national marketing activities and our reputation for high quality products and service, breadth of product offer and favourable consumer financing options. We fulfil orders for our exclusive product ranges through our own three UK finished goods factories, and through manufacturing partners located in the UK, Europe and Far East, and delivered with care through our expert final-mile delivery service "The Sofa Delivery Company".