Last checked at 12 Jun 2013 07:01
12 June 2013
Creston plc
('Creston' or 'the Group')
Announcement of Share Buy-Back Programme
Creston plc, the digitally focused insight and communications group, today announces the launch of a share buy-back programme (the "Programme"). Further to the announcement made on 4 February 2013, the Group can confirm it has received a positive uptake from the launch of a new three year Save As You Earn share incentive scheme for its UK employees (the "Scheme").
The Programme will commence with effect from today with the objective of meeting obligations arising from the Scheme and will be conducted in accordance with the authorisation granted to the Group by shareholders at the AGM held on 3 September 2012.
The Group has appointed Liberum Capital Limited ("Liberum") to manage the Programme and has authorised Liberum to effect on-market purchases of ordinary shares of 10 pence each ("Ordinary Shares") on behalf of the Group on the Main Market of the London Stock Exchange plc (the "Exchange").
Pursuant to, and during the term of the Programme, Liberum may independently of, and without influence by Creston, purchase Ordinary Shares from time to time at its absolute discretion provided that:
1) the maximum price which may be paid for an Ordinary Share cannot be more than an amount equal to the higher of:
a. 105 per cent of the average of the closing middle market price for an Ordinary Share as derived from the London Stock Exchange Daily Official List for the five business days immediately prior to the day the purchase is made; and
b. the higher of the price of the last independent trade and the highest current independent bid stipulated by Article 5(1) of the Commission Regulation (Directive 2003/6/EC) 22 December 2003 implementing the Market Abuse Directive with regard to exemptions for buy-back programmes and stabilisation of Financial Instruments (No. 2273/2003); and
2) the maximum aggregate number of Ordinary Shares authorised to be purchased on behalf of the Group in connection with the Programme shall not exceed 6,133,734 (being the limit authorised by shareholders at the Company's AGM on 3 September 2012).
Creston will announce any market repurchase of Ordinary Shares no later than 7.30 a.m. on the business day following the business day on which the repurchase occurred. To the extent permitted by law, Ordinary Shares bought back under the Programme are expected to be held in treasury and may be utilised to satisfy employee share based award obligations.
For further information please contact:
Creston plc | +44 (0)20 7930 9757 |
Don Elgie, Group Chief Executive | |
Barrie Brien, COO/CFO | |
Pelham Bell Pottinger | +44 (0)20 7861 3232 |
David Rydell/Elly Williamson/ Malika Shermatova |
About Creston plc
Creston plc (LSE: CRE) is a digitally focused insight and communications group. The Group delivers a range of marketing services, including advertising, brand consultancy, CRM, digital and direct marketing, health communications, local marketing, market research, PR and social media marketing to a broad spectrum of blue-chip global clients. Our insight companies give us a real edge, providing the analytic intelligence to enable us to deliver original thinking that engages audiences, invites participation and influences future trends. www.creston.com