Upcoming Dividend • May 10
Upcoming dividend of UK£0.045 per share Eligible shareholders must have bought the stock before 16 May 2024. Payment date: 07 June 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 3.6%. Lower than top quartile of British dividend payers (5.7%). In line with average of industry peers (3.3%). Reported Earnings • Apr 17
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: UK£0.14 (down from UK£0.20 in FY 2022). Revenue: UK£491.0m (up 15% from FY 2022). Net income: UK£6.50m (down 23% from FY 2022). Profit margin: 1.3% (down from 2.0% in FY 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.8%. Earnings per share (EPS) exceeded analyst estimates by 7.3%. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Construction industry in the United Kingdom. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Apr 17
TClarke Intends to Apply for Listing Cancelation from the Official List and the London Stock Exchange The boards of directors of Regent Acquisitions Limited (‘Regent’) and TClarke plc (‘TClarke’) announced that they have reached agreement on the terms and conditions of a recommended cash offer by Regent for the entire issued and to be issued share capital of TClarke not already held by any member of the Wider Regent Group (the ‘Acquisition’). It is intended that the Acquisition will be implemented by way of a Court-sanctioned scheme of arrangement under Part 26 of the Companies Act (although Regent reserves the right to effect the Acquisition by way of a Takeover Offer, subject to the consent of the Takeover Panel and the terms of the Co-operation Agreement). The purpose of the Scheme is to provide for Regent to become the owner of the entire issued and to be issued share capital of TClarke (other than the Excluded Shares). Under the Scheme, the Acquisition is to be achieved by the transfer of the Scheme Shares held by Scheme Shareholders to Regent in consideration for which the Scheme Shareholders will receive the Consideration. Prior to the Scheme becoming Effective, it is intended that an application will be made to the FCA and the London Stock Exchange to, subject to the Acquisition becoming Effective, cancel the listing of TClarke Shares on the Official List and the trading of TClarke Shares on the London Stock Exchange respectively, with effect from or shortly following the Effective Date. The last day of dealings in, and registration of transfers of, TClarke Shares on the London Stock Exchange is expected to be the Business Day immediately prior to the Effective Date and no transfers will be registered after 6.00 p.m. on that date. Upon the Scheme becoming Effective, share certificates in respect of the TClarke Shares will cease to be valid and should be destroyed. In addition, entitlements to TClarke Shares held within the CREST system will be cancelled on the Effective Date. As soon as practicable after the Effective Date, it is intended that TClarke will be re-registered as a private limited company under the relevant provisions of the Companies Act. 
