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Taptica Launches USD15 Million Share Buyback After RhythmOne Merger

Tue, 2nd Apr 2019 11:50

LONDON (Alliance News) - Video advertising firm Taptica International Ltd on Tuesday said it will launch a share buyback programme for worth up to USD15 million.

Also, following the completion of its GBP135 million takeover of peer RhythmOne PLC on Tuesday, Taptica has promoted Ofer Druker to be chief executive officer with immediate effect.

Druker has been executive chair of Taptica subsidiary Tremor Video since 2018. Prior to that, he was chief executive officer and co-founder of Matomy Media Group Ltd, for ten years from 2007 to 2017.

Taptica's share buyback programme will start on Tuesday and continue until the end of September. The group said that the maximum price to be paid per share will be no more than 105% of the average closing price for the five days before the date of the share purchase.

Shares in Taptica were down 2.2% at 195.60 pence on Tuesday.

The share buyback programme will be managed by broker finnCap Ltd. Following the completion of the merger with RhythmOne, Taptica has 135.5 million shares issued overall.

In addition, Taptica reported that RhythmOne's trading on a standalone basis for the financial year that ended in March was below market expectations.

However, Taptica said it still believes that the merger was in the best interest of shareholders, and has kept its own outlook for calendar 2019 unchanged.

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