Last checked at 7 Jun 2012 07:00
7 June 2012
THE CONYGAR INVESTMENT COMPANY PLC
SHARE BUYBACK PROGRAMME
The Board of The Conygar Investment Company PLC ("Conygar" or the "Company") announces its intention to commence a share buyback programme (the "Buyback Programme") to acquire up to 2,500,000 Conygar ordinary shares as and when they become available at volumes and prices that, from time to time, the Board considers appropriate.
In the context of the current discount of the Conygar share price to net asset value per share, the principal consideration of the Board in undertaking the Buyback Programme is that any buyback enhances net asset value per share for those remaining shareholders. It is expected that any share purchases will be financed through the Company's operating cash flow.
Any acquisitions will be effected in accordance with the Company's general authority to buy back shares and within certain pre-set parameters, including that the maximum price paid per share is to be no more than 105 per cent of the average middle market closing price of a Conygar share for the five business days preceding the date of acquisition.
In addition, given the level of liquidity in the Company's shares, the Company may buy back in any one day more than 25 per cent. of the average daily volume over the preceding 20 business days.
Any shares acquired under the Buyback Programme will count towards the Company's currently unused general authority to buy back shares granted at its Annual General Meeting on 5 January 2012, which provides, inter alia, for shares to be acquired (or contracted to be acquired) in the period up to the earlier of 4 January 2013 and the conclusion of the Company's next annual general meeting.
Any shares acquired pursuant to the Buyback Programme will be cancelled or held in treasury and the acquisition will be notified to a Regulatory Information Service in accordance with the AIM Rules for Companies.
Conygar confirms that it currently has no unpublished price sensitive information.
Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
Peter Batchelor: 020 7258 8670
Oriel Securities Limited (Nominated Adviser and Broker)
Michael Shaw: 020 7710 7600
Neil Langford: 020 7710 7600
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580