ARGO Group Limited Time-Scheduled Buy-Back Programme (0109L)
September 28 2016 - 02:01AM
UK Regulatory
TIDMARGO
RNS Number : 0109L
ARGO Group Limited
28 September 2016
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN
PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
Argo Group Limited
("Argo" or the "Company")
Announcement of Time-Scheduled Buy-Back Programme
The Company today announces a time-scheduled buy-back programme
(the "2016 Share Buyback Programme II") in accordance with
Commission Delegated Regulation (EU) 2016/1052 dated 8 March 2016
supplementing Regulation (EU) No 596/2014.
The 2016 Share Buyback Programme II has the purpose of reducing
the issued ordinary share capital of the Company and the Board
would only proceed if it considered that the effect of such
purchase would be to increase earnings and/or net assets per
Ordinary Share and that such exercise would be in the best
interests of Shareholders generally. In addition, the Board would
only proceed where the acquisition is in accordance with Isle of
Man law.
The 2016 Share Buyback Programme II will be conducted in
accordance with the authorisation granted to the Company by
shareholders at the Annual General Meeting ("AGM") held on 19
September 2016 and the Commission Delegated Regulation (EU)
2016/1052 supplementing Regulation (EU) No 596/2014.
The Company intends to use up to GBP2 million to acquire
Ordinary Shares in the market over a twelve month period commencing
on 28 September 2016 and expiring no later than 19 September 2017
(one year from the date of the 2016 AGM which authorised the2016
Share Buyback Programme II). The minimum price that Argo will pay
is 8p per Ordinary Share. The aggregate number of Ordinary Shares
which may be acquired on behalf of the Company in connection with
the 2016 Share Buyback Programme II will not exceed
23,676,987Ordinary Shares, which broadly represents the number of
shares in public hands.
Pursuant to a previous time-scheduled buy-back programme under
the authority granted by shareholders at the Extraordinary General
Meeting on 3 March 2016, the Company repurchased shares to the
value of GBP1.96 million (the "2016 Share Buyback Programme
I").
Due to the limited liquidity in the ordinary shares, a buy-back
of ordinary shares pursuant to the 2016 Share Buyback Programme II
on any trading day is likely to represent a significant proportion
of the daily trading volume in the ordinary shares on the London
Stock Exchange (and is likely to exceed the 25% limits of the
average daily trading volume as laid down in Article 3 of
Commission Delegated Regulation (EU) No 2016/1052).
The Company will announce any market repurchase of ordinary
shares no later than 7.30 a.m. on the business day following the
calendar day on which the repurchase occurred. To the extent
permitted by law, ordinary shares bought back under the 2016 Share
Buyback Programme II will be cancelled.
For further information, please contact:
Argo Group Limited 020 7016 7660
Jeremy Bradshaw
Panmure Gordon 020 7886 2500
Dominic Morley
This information is provided by RNS
The company news service from the London Stock Exchange
END
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