Last checked at 11 Jun 2014 07:01
11 June 2014
Creston plc
('Creston' or 'the Group')
Announcement of Share Buy-Back Programme
Creston plc ('Creston' or 'the Group'), the international marketing communications group, today announces the launch of a share buy-back programme (the "Programme").
The Programme will commence with effect from today and will be conducted in accordance with the authorisation granted to the Group by shareholders at the AGM held on 3 September 2013.
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).
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.
For further information please contact:
Creston plc | + 44 (0)20 7930 9757 |
Barrie Brien, Group Chief Executive | |
Liberum | +44 (0)20 3100 2222 |
Tom Fyson / Thomas Bective | |
Bell Pottinger | +44 (0)20 7861 3890 |
Elly Williamson / Malika Shermatova |
About Creston plc
Creston plc (LSE: CRE) is an international marketing communications group that leverages the strength of its agencies' collective expertise and knowledge across insight, technology and creativity to drive transformational growth for its clients through thinking and ideas that connect brands to customers. The Group delivers a range of marketing services, including advertising, 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. www.creston.com