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Travis Perkins: P&H Disposal Satisfied; Commences Share Buy-Back

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On 20 May 2021, Travis Perkins plc ("Travis Perkins" or the "Company") announced the disposal of its Plumbing & Heating distribution business to an affiliate of H.I.G. Capital for cash consideration of £325 million (the "P&H Disposal") and its intention to return the proceeds of such disposal to shareholders.

Travis Perkins is pleased to announce that the condition to the P&H Disposal has now been satisfied and completion is expected to occur on or around 30 September 2021. Travis Perkins will distribute the net proceeds of the P&H Disposal to shareholders through a combination of a special dividend and a share buyback programme.

Travis Perkins will pay a special dividend of approximately £79m in aggregate, representing 35 pence per ordinary share (the "Special Dividend"). The Company intends to pay the Special Dividend on 5 November 2021 to Travis Perkins shareholders on the register at 6pm on 1 October 2021. The ordinary shares will be marked ex dividend on 30 September 2021.

The Company has a dividend reinvestment plan ("DRIP") in place which is operated by its registrars, Link. The deadline for elections ("Election Deadline") for the DRIP in respect of the Special Dividend is 5.30pm on 15 October 2021. Terms and Conditions of the DRIP, including how to make an election are available at https://www.travisperkins-shares.com/documents-display/. Please note, DRIP elections in place at the Election Deadline will apply to both the Special Dividend and the interim dividend of 12.0 pence per ordinary share which was announced by the Company on 3 August 2021.

In addition to the Special Dividend, Travis Perkins will commence a new non-discretionary share buyback programme (the "Buyback"). The first tranche of the Buyback (the "Initial Programme") will be for a maximum aggregate market value equivalent to £100 million which will be bought back in the form of Travis Perkins ordinary shares. The Initial Programme will commence on 1 October 2021 and will end on or before 24 March 2022 (the "Repurchase Period"). The sole purpose of the Initial Programme is to reduce share capital.

Travis Perkins has entered into non-discretionary instructions with Citigroup Global Markets Limited to conduct the Initial Programme on its behalf and to make trading decisions under the Initial Programme independently of Travis Perkins.

The Initial Programme will take place within the limitations of the authority granted to the Board of Travis Perkins by its annual general meeting held on 27 April 2021 (and the commitment made in the Explanatory Notes in the Notice of AGM), pursuant to which the maximum number of shares to be bought back by Travis Perkins is 22,502,592 being 10% of the current issued shares.

Any further tranches of the buyback programme, which may be conducted after completion of the Initial Programme, will be announced in due course.

Source : Travis Perkins

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21 September 2021

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Thank you for the excellent presentation that you gave at Woodbury Park on Thursday morning. It was very interesting and thought-provoking for our Retail members. The feedback has been excellent.

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Martin Elliott. Chief Executive - Home Hardware.
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