15 Mar 2021 07:00
Arix Bioscience PLC (ARIX) Share buyback programme of up to £25 million 15-March-2021 / 07:00 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.
Arix Bioscience plc
Share buyback programme of up to £25 million
LONDON, 15 March 2021: Arix Bioscience plc ("Arix" or "the Company") (LSE: ARIX), a global venture capital company focused on investing in and building breakthrough biotech companies, today announces Board approval of a share buyback programme of up to £25 million.
The share buyback programme is consistent with Arix's strategy[1] of creating and delivering value for all stakeholders and follows shareholder consultation as part of the Company's stated commitment to keep use of cash under review, following the trade sale of VelosBio[2]. Following exceptional realisations of £158 million in 2020, the Company had £174 million of available cash at 31 December 2020. Given the strength of the Company's balance sheet the Board is confident that it can return this capital to shareholders whilst also retaining a strong capital base to continue delivering its strategy. The Company will retain sufficient capital to both support its existing portfolio and make new investments, maintaining a high quality, diversified portfolio that has the potential to deliver important new treatments for patients and superior returns for shareholders.
The share buyback programme will be limited to the lower of £25 million or 13,555,185 shares, in line with the general authority to repurchase shares, which was granted by shareholders at the most recent annual general meeting held on 4 June 2020. Further details of the share buyback programme will follow.
[ENDS] This announcement includes information that is inside information as defined in Article 7 of the Market Abuse Regulation No.596/2014. The person responsible for arranging for the release of this announcement on behalf of Arix Bioscience plc is Robert Lyne, General Counsel Arix Bioscience plc. For more information on Arix, please contact: Arix Bioscience plcCharlotte Parry, Head of Investor Relations+44 (0)20 7290 1072charlotte@arixbioscience.com Optimum Strategic CommunicationsSupriya Mathur, Shabnam Bashir+44 (0)20 3922 1906optimum.arix@optimumcomms.com About Arix Bioscience plc Arix Bioscience plc is a global venture capital company focused on investing in and building breakthrough biotech companies around cutting-edge advances in life sciences. We collaborate with exceptional entrepreneurs and provide the capital, expertise and global networks to help accelerate their ideas into important new treatments for patients. As a listed company, we are able to bring this exciting growth phase of our industry to a broader range of investors. www.arixbioscience.com
[1] As set out at 2020 Interim Results [2] In December 2020 |
| ISIN: | GB00BD045071 |
| Category Code: | MSCH |
| TIDM: | ARIX |
| LEI Code: | 213800OVT3AHQCXNIX43 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 95473 |
| EQS News ID: | 1175443 |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.