The Board believes that the current share price substantially undervalues the Group's assets, the performance of the business to date and its future prospects. The Group's robust balance sheet provides the opportunity to take advantage of prevailing market conditions to repurchase shares at advantageous levels that will be earnings enhancing.
The Group is undertaking this Programme alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of progressively increasing dividends. The Board sees a case for buybacks being economically attractive since the Group's shares are currently trading well below the share price implied by independent valuations of its assets.
The Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 15 June 2018, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The Programme will have a duration of up to 3 calendar months. The board will keep the programme under review and will make a decision in due course on whether to extend it.
In order to implement the Programme, MP Evans has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 10p shares. The Programme will be conducted in compliance with the Market Abuse Regulation (EU) No. 596/2014 and the delegated regulations made pursuant to it.