Share Repurchase Programme

On 11 November 2021, Smiths Group plc announced its intention to commence a share repurchase programme of its ordinary shares up to a maximum consideration of £742 million. The purpose of the Programme is to reduce the share capital of Smiths Group. The effect of the reduction in share capital will be to return 55% of the initial cash proceeds from the sale of Smiths Medical to shareholders.

Shareholder approval for the sale of Smiths Medical and the authority to make market purchases of ordinary shares was granted at Smiths Group’s General Meeting held on 17 November 2021.

The details of the first tranche, which commenced on 19 November 2021 and completed on 17 February 2022 and was completed by Goldman Sachs International (“Goldman Sachs”), can be found here. The details of the second tranche, which commenced on 18 February 2022 and completed on 4 April 2022 and was completed by J.P Morgan Securities plc (“JP Morgan), can be found here. The details of the third tranche, which commenced on 8 April 2022 and completed on 5 July and was completed by Goldman Sachs, can be found here.

Under the first, second and third tranches of the Programme, 28.4m shares have been purchased for a total consideration of £423m.

The fourth tranche of the Programme commenced on 6 July 2022 and will end no later the 15 October 2022. The Company has entered into an agreement with JP Morgan under which JP Morgan will manage the fourth tranche of the Programme. JP Morgan will carry out the instruction through the acquisition of Ordinary Shares in the Company for subsequent repurchase and cancellation by the Company. The details of the fourth tranche can be found here.