RHI Magnesita N.V. (the “Company”) announces that it has entered into a non-discretionary arrangement with Barclays Bank PLC (“Barclays”) to purchase its ordinary shares, represented by depositary interests (“Shares”) on behalf of the Company to satisfy awards made under employee performance share plans (“the Arrangement”).
The Arrangement allows Barclays to purchase up to 400,000 Shares of one euro nominal value each, during the programme, up to the value of £20 million in aggregate (“the Programme”).
The Programme will commence on 12 August 2019 and end no later than 31 December 2019. These Share purchases will be made on the Company’s behalf and in accordance with the Arrangement and shall be made independently of and uninfluenced by the Company. The Company intends to hold any Shares it purchases in treasury until they are required to satisfy awards made under the terms of the Company’s Long Term Incentive Plan.
Any purchases of Shares pursuant to the Arrangement will be subject to the terms of the Arrangement with Barclays and in any case will be effected in a manner consistent with the general authority vested in the Company to repurchase Shares as granted by shareholders at the Company’s most recent annual general meeting held on 6 June 2019, the EU Market Abuse Regulation (596/2014), the Commission Delegated Regulation (2016/1052) and Chapter 12 of the Financial Conduct Authority’s Listing Rules.
For further enquiries, please contact:
Guy Marks, Head of Investor Relations
Tel +44 7932 013 357
About RHI Magnesita
RHI Magnesita is the leading global supplier of high-grade refractory products, systems and solutions which are indispensable for industrial high-temperature processes exceeding 1,200°C in a wide range of industries, including steel, cement, non-ferrous metals and glass. With a vertically integrated value chain, from raw materials to refractory products and full performance-based solutions, RHI Magnesita serves customers in nearly all countries around the world. The Company has a high level of geographic diversification with more than 14,000 employees in 35 main production sites and more than 70 sales offices around the world. RHI Magnesita intends to leverage its global leadership in terms of revenue, scale, product portfolio and diversified geographic presence to target strategically those countries and regions benefitting from more dynamic economic growth prospects.
Its shares have a premium listing on the London Stock Exchange (symbol: RHIM) and are a constituent of the FTSE 250 index. For more information please visit: www.rhimagnesita.com