Bioquell PLC Statement re Share Buy Back (3776O)
November 07 2016 - 2:00AM
UK Regulatory
TIDMBQE
RNS Number : 3776O
Bioquell PLC
07 November 2016
RNS Announcement 7th November 2016
Bioquell PLC
("Bioquell", or "the Company")
Share Buyback Programme
Bioquell announces its intention to reduce its capital by means
of purchasing its shares from time to time ("Share Repurchases")
using existing cash resources of up to GBP2.5 million, to make
market purchases of up to 1,850,000 shares (the "Maximum Amount").
This amount is within the amount permitted pursuant to the general
authority given to it at the Company's General Meeting held on 20
June 2016.
By way of background, at the time of the tender offer which
returned GBP40.8million to shareholders in June 2016 (the "Tender
Offer"), the directors stated that should the number of ordinary
shares validly tendered under the Tender Offer be less than the
maximum permitted under the terms of the Tender Offer, subject to
circumstances prevailing following completion of the Tender Offer,
the Board intended to return any such balance to Shareholders by
means of a market purchase through the London Stock Exchange.
Accordingly, any shareholders wishing to sell shares can contact
the Company's broker N+1 Singer. Share Repurchases shall be at the
discretion of the directors of the Company and shall be effected in
such manner and on such terms as they may from time to time
determine.
When making Share Repurchases, N+1 Singer may purchase, on
behalf of the Company, ordinary shares provided that the maximum
price payable for an ordinary share on the London Stock Exchange is
an amount equal to the higher of:
a. 105 per cent. of the average market value of the Company's
ordinary shares for the five business days immediately preceding
the day on which such share is contracted to be purchased; or
b. the higher of the price of the last independent trade and the
highest current bid, as stipulated by article 5(6) of regulation
(EU) No 596/2014 of the European Parliament and of the Council of
16 April 2014 on market abuse (market abuse regulation) and
repealing the Market Abuse Directive and Commission Directives
2003/124/EC, 2003/125/EC and 2004/72/EC.
Share Repurchases will be undertaken until the earlier of the
Maximum Amount being repurchased and 31 December 2016. Any shares
repurchased will be held in Treasury.
Due to the limited liquidity in trading of Bioquell's shares,
Share Repurchases on any trading day are likely to represent a
significant proportion of the daily trading volume in the ordinary
shares (and are likely to exceed the 25% threshold of the average
daily trading volume in both the month preceding this announcement
and the 20 trading days preceding the date of the purchase as is
set out in the Commission Delegated Regulation (EU) 2016/1052 and,
as such, the Company would be deviating from the safe harbour set
out in Article 5(1) of the Market Abuse Regulation (Regulation
596/2014)).
The Company will make further announcements in due course
following the completion of any Share Repurchases.
For further information, please contact:
Bioquell PLC Tel: +44 (0)1264 835800
Ian Johnson, Executive Chairman
Michael Roller, Finance Director
N+1 Singer Tel: +44 (0) 20 7496
3000
Nic Hellyer
James White
This information is provided by RNS
The company news service from the London Stock Exchange
END
STREAFFLEFXKFFF
(END) Dow Jones Newswires
November 07, 2016 02:00 ET (07:00 GMT)
Bioquell (LSE:BQE)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bioquell (LSE:BQE)
Historical Stock Chart
From Apr 2023 to Apr 2024