IMI plc initiates £200 million share buyback

LONDON - IMI (LON:IMI) plc, a specialist engineering company, has announced the commencement of a share repurchase programme with the intention to buy back up to £200 million worth of its shares. The programme began on February 28, 2025, and is set to continue until no later than September 30, 2025. The aim of this programme is to reduce the company’s capital, with all shares acquired under the programme to be cancelled.

The company has disclosed that the first £100 million tranche of the buyback will be managed by Numis Securities Limited, which will handle the acquisition of the shares on a riskless principal basis for subsequent repurchase by IMI plc. Details regarding any additional tranches following the initial £100 million will be shared in due course.

The share buyback programme aligns with Chapter 9 of the Financial Conduct Authority’s UK Listing Rule and the general authority granted to the company by its shareholders at the annual general meeting on May 9, 2024. This authority permits the company to purchase up to approximately 10% of its issued share capital in the market, which equates to 26,146,669 shares.

The programme is also conducted within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU, as they are incorporated into UK law, including any amendments under the European Union (Withdrawal) Act 2018 and subsequent regulations.

The current authority to buy back shares, granted at the 2024 Annual General Meeting, will expire on the earlier date of July 1, 2025, or at the 2025 Annual General Meeting, at which point IMI plc expects to seek renewal of that authority.

This share repurchase programme reflects IMI plc’s strategy to manage its capital structure efficiently and deliver value to its shareholders. The information is based on a press release statement.

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