19 Mar 2013 12:37
EMBLAZE LTD - Share Repurchase ProgrammeEMBLAZE LTD - Share Repurchase Programme
PR Newswire
London, March 19
SHARE REPURCHASE PROGRAMME
Herzeliya, Israel, 19 March 2013: Following the release of its full yearresults for the period ending 31 December 2012 and the Company's subsequentexit from its recent close period, Emblaze announces that it will resume theshare repurchase programme, which was previously approved by the Company'sboard of directors up to a maximum consideration of US$2 million (the"Buyback"), with immediate effect.
Following shares purchased by the Company during 2012, the remainingconsideration for the share repurchase programme is approximately US$1.2million. The Buyback will be undertaken in accordance with Israeli CompaniesLaw, the FSA Listing Rules (the "Listing Rules") and the Commission Regulation(EC) No 2273/2003 (the "EC Buy-back Regulations").
Subject to market conditions, the Buyback will be undertaken by way of marketpurchases of the Company's own shares for transfer into Treasury. In accordancewith the Listing Rules, the maximum price which may be paid by the Companyshall be no more than the higher of (i) an amount equal to 105% of the averagemarket closing price (as derived from the London Stock Exchange Daily OfficialList) for the five dealing days immediately preceding such purchase; and (ii)the amount stipulated by Article 5(1) of the EC Buy-back Regulations, exclusiveof expenses.
Enquiries:
Piers Coombs / Kit Stephenson +44 20 7523 8000
Canaccord Genuity Ltd
Hagit Gal hagit.gal@emblaze.com
Emblaze Ltd.
Emblaze is traded on the London Stock Exchange (LSE: BLZ) since 1996.www.emblaze.com