Company Announcements

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

For immediate release

4 December 2023

Vesuvius plc

Launch of £50m Share Buyback Programme

Vesuvius plc ("Vesuvius"), a global leader in molten metal flow engineering and technology, is pleased to announce the commencement today of a share buyback programme of up to £50 million (the "Programme"). The Programme will begin today, 4 December 2023, and will end no later than 4 December 2024.

At our recent Capital Markets event we set out our medium-term financial targets, including a free cash flow target of at least £400 million over the coming three years, and set our capital allocation policy, which includes returning surplus cash to shareholders. This Programme is an initial step in that cash return.

The sole purpose of the Programme is to reduce Vesuvius' share capital.  The board of directors of Vesuvius (the "Board") has decided that the shares purchased pursuant to the Programme will be cancelled.

The Programme will be conducted within the limitations of the authority granted to the Board by its shareholders at its Annual General Meeting held on 18 May 2023, pursuant to which the maximum number of ordinary shares that can be bought back by Vesuvius is 27,121,389 ordinary shares. The aggregate purchase price of all ordinary shares acquired under the Programme will be no more than £50 million (excluding stamp duty and expenses). 

Any purchases of ordinary shares by Vesuvius in relation to the Programme will be carried out on the open market via the London Stock Exchange and/or on Aquis Exchange, Turquoise, CBOE Europe Limited. Any purchases will be made in accordance with the parameters prescribed by the Market Abuse Regulation 596/2014 (as it forms part of UK law pursuant to the European Union (Withdrawal) Act 2018) and Chapter 12 of the Financial Conduct Authority's Listing Rules.

Purchases of ordinary shares will be made by Jefferies on Vesuvius' behalf, who shall lead manage the purchases, shall have full discretion with respect to the execution of all purchases (including but not limited to trading decisions concerning the timing of the purchase of the ordinary shares being made independently of Vesuvius) and shall make all such purchases independently of, and uninfluenced by Vesuvius.

Vesuvius will announce any market repurchase of ordinary shares no later than 7.30am on the business day following the calendar day on which the repurchase occurred.

The person responsible for arranging the release of this announcement on behalf of Vesuvius is Henry Knowles, General Counsel & Company Secretary.

About Vesuvius plc

Vesuvius is a global leader in molten metal flow engineering and technology principally serving process industries operating in challenging high temperature conditions.

We develop innovative and customised solutions, often used in extremely demanding industrial environments, which enable our customers to make their manufacturing processes safer, more efficient and more sustainable.  These include flow control solutions, advanced refractories and other consumable products and increasingly, related technical services including data capture.

We have a worldwide presence. We serve our customers through a network of cost-efficient manufacturing plants located close to their own facilities, and embed our industry experts within their operations, who are all supported by our global technology centres.

Our core competitive strengths are our market and technology leadership, strong customer relationships, well established presence in developing markets and our global reach, all of which facilitate the expansion of our addressable markets.

Our ultimate goal is to create value for our customers, and to deliver sustainable, profitable growth for our shareholders giving a superior return on their investment whilst providing each of our employees with a safe workplace where they are recognised, developed and properly rewarded.

We think beyond today to create solutions that will shape the future.

Forward looking statements

This announcement contains certain forward looking statements which may include reference to one or more of the following: the Vesuvius' and/or the Vesuvius Group's (the "Group") financial condition, results of operations, cash flows, dividends, financing plans, business strategies, operating efficiencies or synergies, budgets, capital and other expenditures, competitive positions, growth opportunities for existing products, plans and objectives of management and other matters.

Statements in this announcement that are not historical facts are hereby identified as "forward looking statements". Such forward looking statements, including, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs and income, in each case relating to Vesuvius and/or the Group, wherever they occur in this announcement, are necessarily based on assumptions reflecting the views of Vesuvius and/or the Group and involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements. Such forward looking statements should, therefore, be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward looking statements. These include without limitation: economic and business cycles; the terms and conditions of Vesuvius' and/or the Group's financing arrangements; foreign currency rate fluctuations; competition in Vesuvius' and/or the Group's principal markets; acquisitions or disposals of businesses or assets; and trends in Vesuvius' and/or the Group's principal industries.

The foregoing list of important factors is not exhaustive. When considering forward looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in documents that Vesuvius and/or the Group files with the UK regulator from time to time including its annual reports and accounts.

You should not place undue reliance on such forward looking statements which speak only as of the date on which they are made. Except as required by the Rules of the UK Listing Authority and the London Stock Exchange and applicable law, Vesuvius and/or the Group undertakes no obligation to update publicly or revise any forward looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward looking events discussed in this announcement might not occur. 

Vesuvius plc, 165 Fleet Street, London EC4A 2AE

Registered in England and Wales No. 8217766

LEI: 213800ORZ521W585SY02

www.vesuvius.com