Fuller, Smith & Turner PLC Announces Extension of Share Buyback Programme

Fuller, Smith & Turner PLC (FSTA), a prominent player in the beverage and hospitality industry, has declared the extension of its share buyback program. Initially launched on 16 November 2023, following the repurchase of 1 million ‘A’ ordinary shares, the company plans to acquire up to an additional 1 million Ordinary Shares. This decision aligns with the company’s capital allocation framework and is motivated by the belief that the current share price undervalues the company’s net asset value significantly. The continuation of the buyback program is anticipated to boost earnings per share.

Share purchases under this program will be conducted on behalf of the company by Numis Securities Limited, ensuring compliance with regulatory standards, including the Listing Rules and shareholder authorizations from the Annual General Meeting held on 20 July 2023. Due to the limited liquidity of Ordinary Shares, the buyback on any trading day could constitute a substantial portion of the daily trading volume on the London Stock Exchange, potentially exceeding 25%. Purchases exceeding this threshold will not receive exemption as per EU Regulation No 596/2014 following its incorporation into UK law.

The company has confirmed that any market purchase of Ordinary Shares under this program will be publicly announced by 7:30 a.m. the following business day. This move is part of Fuller, Smith & Turner PLC’s strategy to manage its capital effectively while potentially enhancing shareholder value.