Last checked at 17 Sep 2019 07:00
17 September 2019
Redcentric plc
("Redcentric" or the "Company")
Share Buyback Programme
Redcentric plc (AIM: RCN) announces that it has approved a share buyback programme of ordinary shares of 0.1p in the capital of the Company ("Ordinary Shares") for an aggregate purchase price of up to £2 million (the "Buyback Programme"). The Buyback Programme forms part of the Group's broader strategy to deliver shareholder value.
The Buyback Programme will be independently managed by finnCap Ltd, the Company's joint broker, which will make trading decisions independently and without the influence of the Company.
The Buyback Programme is in accordance with the terms of the Company's authority to make market purchases of its own Ordinary Shares which was granted at the Company' Annual General Meeting on 2 September 2019 (the "Authority"). The maximum price paid per Ordinary Share is to be no more than 105 per cent. of the average middle market closing price of an Ordinary Share for the five business days preceding the date of purchase. The Buyback Programme will commence today and will continue until such time that the board of directors of the Company decides to end the Buyback Programme, at which point a further announcement will be made by the Company.
Any Ordinary Shares acquired as a result of the Buyback Programme will be held in treasury and be announced to the market without delay.
Due to the limited liquidity in the issued Ordinary Shares, any Buyback of Ordinary Shares pursuant to the Authority on any trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares on AIM and may exceed 25 per cent. of the average daily trading volume, being the limit laid down in Article 5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company will not benefit from the exemption contained in this Article.
The Company confirms that it currently has no other unpublished price sensitive information other than what has been disclosed above.
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.