Last checked at 12 Apr 2023 07:00
12 April 2023
Craneware plc
("Craneware" or the "Company" or the "Group")
Share buyback programme
The Board of Directors of Craneware ("Board") is pleased to announce that it intends to commence a share buyback programme of £5 million ("Programme") from the date of this announcement. All shares acquired under the Programme will be held in treasury.
The Board firmly believes that the current market price does not reflect the substantial potential of the large addressable market opportunity of the Group, nor the significant operational progress it has made as it has successfully migrated to a cloud-based SaaS model. This migration further positions the Group to deliver on future growth and enhanced shareholder value. As a result, the Board believes that the buyback will provide an optimal use of cash to deliver value for shareholders by offsetting future dilution from existing share incentive schemes.
The Programme will operate under the authority granted to the Group by shareholders at the Group's most recent Annual General Meeting, held on 15 November 2022, and within the regulatory limit on the quantity of shares the Group may purchase on any single day. The Programme will be undertaken using a phased approach and have an initial duration of up to 3 calendar months.
The Board will keep the programme under review and will make a decision in due course on whether to extend it.
In order to implement the Programme, Craneware has entered into an agreement with Peel Hunt LLP for them independently to carry out on-market purchases of its 1p shares. The Programme will be conducted in compliance with Article 5(1)(b) of the UK version of Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018 and the delegated regulations made pursuant to it.
Enquiries:
Craneware plc | +44 (0)131 550 3100 |
Keith Neilson, CEO | |
Craig Preston, CFO | |
| |
Alma (Financial PR) | +44 (0)20 3405 0205 |
Caroline Forde, Joe Pederzolli, Kinvara Verdon | craneware@almapr.co.uk |
Peel Hunt (NOMAD and Joint Broker) | +44 (0)20 7418 8900 |
Dan Webster, Andrew Clark, Lait Bose | |
Investec Bank PLC (Joint Broker) | +44 (0)20 7597 5970 |
Patrick Robb, Henry Reast, Sebastian Lawrence | |
Berenberg (Joint Broker) | +44 (0)20 3207 7800 |
Mark Whitmore, Richard Andrews, Dan Gee-Summons |
About Craneware
We at The Craneware Group of companies, including our latest additions Sentry Data Systems and Agilum Healthcare Intelligence, passionately believe we can impact healthcare profoundly by delivering the insights healthcare organisations need to also transform the business of healthcare. Our shared vision is to be the operational and financial partner for US healthcare providers.
Our combined suite of applications and industry-leading team of experts help our customers contextualise operational, financial, and clinical data, providing insights that clearly demonstrate what great looks like. These value cycle insights deliver revenue integrity and 340B compliance, as well as margin and operational intelligence - something no other single partner can provide.
Together, approximately 40% of registered US hospitals are now our customers, including more than 12,000 US hospitals, health systems and affiliated retail pharmacies and clinics. Our customers are operating with a financial impact of nearly half a trillion dollars. We have data sets from customers covering more than 165 million unique patients encounters.
Learn more at www.thecranewaregroup.com