LSL Property Services has launched a £10m share buyback programme that will run until 30 June this year.

The group,  which includes the Reeds Rains and Your Move brands, will purchase up to a maximum of 10,515,895 ordinary shares, in a move approved by its shareholders last year. The return of excess capital to shareholders through the share buyback programme will be funded by cash resources.

Numis Securities Limited has been appointed to carry out the non-discretionary share buyback, with repurchased shares to be held in treasury.

The continuation of the share buyback programme beyond 30 June will be subject to the renewal by the shareholders of the repurchase general authority at the company’s forthcoming AGM on 27 May 2022.

The maximum price paid per ordinary share will be limited to be no more than the higher of 105% of the average middle market closing price of the company’s ordinary shares for the five business days before the purchase is made, and the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out.

Due to the limited liquidity in the issued ordinary shares, a buyback of ordinary shares pursuant to the share buyback programme on any given trading day may represent a significant proportion of the daily trading volume in the ordinary shares on the London Stock Exchange and may exceed 25% of the average daily trading volume and, accordingly, the company may not benefit from the exemption contained in Article 5(1) of MAR.

Details of any ordinary shares repurchased will be notified to a Regulatory Information Service by the company following any repurchase as required by the MAR and the listing rules of the FCA.

LSL has confirmed that currently it has no other unpublished inside information other than the information that has been communicated within this announcement.