Restore plc Finalizes Share Buyback Program with Acquisition of 145,000 Shares at Up to 283 Pence Each

Buyback Execution and Pricing Details

Restore plc conducted its share repurchase over five consecutive trading days, demonstrating a methodical capital management approach. The volume-weighted average price paid was 278.8 pence per share, with daily weighted averages rising from 272.0 pence on 20 July 2026 to 283.0 pence on 23 and 24 July 2026. The lowest individual share price was 273.74 pence on 22 July 2026, while the highest was 278.4 pence the same day.

Purchase volumes increased as the programme progressed: 25,000 shares on 20 July, 15,000 on 21 July, 30,000 on 22 July, and a combined 75,000 shares over the final two days. This escalation, alongside rising share prices, indicates the company’s willingness to acquire shares at higher valuations throughout the week. Detailed transaction data, including execution times, share quantities, and unique reference numbers, have been disclosed in compliance with Market Abuse Regulation requirements.

Impact on Capital Structure and Share Count

Following the cancellation of 145,000 shares, Restore plc’s issued share capital will stand at 134,625,076 ordinary shares, excluding treasury shares. Although this reduction is modest relative to the total share count, it reflects Restore’s strategy to optimize its capital structure and potentially enhance shareholder value by reducing dilution.

By cancelling rather than retaining the repurchased shares as treasury stock, Restore permanently decreases its share capital base. This ensures the shares cannot be reissued, increasing existing shareholders’ proportional ownership without altering the company’s underlying fundamentals. The announcement confirms no treasury shares will be held post-programme, clarifying the company’s final capital structure.

Regulatory Compliance and Transparency Measures

Restore plc has fully complied with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014, which remains part of UK law. The company disclosed comprehensive transaction-level details for all nine trades executed by Investec Bank plc, including exact times, quantities, prices, AIMX venue designation, and unique transaction references. This transparency enables market participants to verify orderly and compliant execution without market manipulation.

Investec Bank plc’s role as authorised intermediary adds independent oversight. All trades occurred on the AIM exchange, with each transaction assigned traceable reference numbers. The detailed disclosure meets UK regulatory standards for share buybacks, providing full visibility and enabling independent compliance verification.

Daily Purchase Volumes and Execution Strategy

The 145,000 shares were acquired over five days with varying volumes, reflecting tactical execution flexibility. On 20 July 2026, Restore purchased 25,000 shares in two transactions at 272.0 pence, establishing the programme’s baseline price. The next day, 15,000 shares were bought at a weighted average of 272.25 pence. On 22 July, 30,000 shares were acquired at a weighted average of 276.8467 pence, within a price range of 273.74 to 278.4 pence.

The final two days saw increased volumes and sustained higher prices: 35,000 shares on 23 July and 40,000 shares on 24 July, both at 283.0 pence per share. This back-loaded purchasing, accounting for 52% of total shares bought, indicates execution aligned with predetermined targets, accepting prevailing market prices rather than minimizing average cost.

Investec Bank plc’s Execution Role

Investec Bank plc acted as the executing broker, completing nine transactions ranging from 5,000 to 30,000 shares between 10:41:38 on 20 July and 13:16:15 on 24 July 2026. The timing distribution suggests a strategy to avoid market impact by spreading trades throughout normal trading hours.

Each transaction carries a unique reference number for audit and verification. The largest intra-day price spread occurred on 22 July, between 273.74 pence and 278.4 pence, a 1.7% variation consistent with typical AIM market behaviour. The detailed timing allows stakeholders to cross-check trades against market data, confirming orderly execution.

Share Price Movement and Valuation Context

The buyback price range of 272.0 to 283.0 pence per share frames Restore’s valuation during late July 2026. Starting at 272.0 pence on 20 July, the share price rose 4.0% to 283.0 pence by 23-24 July, reflecting positive market sentiment or external factors. Although the announcement does not comment on valuation judgments, the company’s continued purchases at higher prices suggest confidence in the buyback’s capital allocation.

The volume-weighted average price of 278.8 pence sits between the opening and closing prices, indicating a neutral execution relative to the trading range. The stable price range and uninterrupted buyback reflect steady market conditions without volatility that might have halted the programme.

Restore plc’s Business and Capital Management Overview

As an AIM-listed entity with 134,625,076 ordinary shares post-buyback, Restore plc’s repurchase reflects a capital management strategy aimed at optimizing shareholder value and potentially enhancing earnings per share. The announcement does not disclose market capitalization, debt, cash position, or cash flow metrics, limiting comprehensive financial analysis. Nonetheless, the structured five-day programme and professional intermediary involvement denote a disciplined approach.

This buyback represents a discrete capital allocation decision by Restore’s board and management. Contact details for CFO Dan Baker and Company Secretary Chris Fussell are provided for further information. No forward-looking statements on future buybacks or dividends are included, indicating this repurchase should not be viewed as signaling broader capital strategy changes. The permanent share cancellation benefits shareholders by reducing dilution, though economic impact depends on undisclosed factors.

Disclosure Standards and Shareholder Communication

Restore’s announcement complies with regulatory requirements to promptly disclose share repurchases. Issued on 27 July 2026, three business days after the final purchase, it aligns with RNS notification timelines. The disclosure includes all required Market Abuse Regulation data in a clear tabular format, enabling investors to assess daily volumes, prices, and transaction specifics transparently.

Provision of unique transaction references and precise execution times facilitates independent verification by investors, analysts, and regulators. The clear structure, data tables, and contact information reflect best practices for RNS disclosures. The post-cancellation share count of 134,625,076 ordinary shares provides essential data for updating capital analyses and ownership models, underscoring Restore’s commitment to transparency and investor protection.

Effects on Earnings Per Share and Shareholder Value

By cancelling 145,000 shares, Restore reduces its issued share count, potentially increasing earnings per share (EPS) assuming stable earnings. This proportional share count reduction benefits shareholders mechanically by improving EPS metrics. However, the announcement omits recent earnings, guidance, or baseline EPS figures, preventing precise quantification of EPS accretion.

Shareholders should recognize that EPS improvements from share count reduction do not equate to underlying business growth or enhanced cash flow. True value creation depends on whether the repurchase price of 272 to 283 pence per share was attractive relative to Restore’s intrinsic value and future earnings potential. Without disclosures on book value, return on equity, or earnings multiples, investors cannot independently assess the buyback’s value proposition. The announcement presents the buyback as a straightforward capital management action without claims of value creation.