Bioquell Regulatory News (BQE)

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 £2.5 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 £40.8million 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:

James White