6 Apr 2009 07:00
6 April 2009
SciSys plc ("SciSys" or the "Company")
Share Buy-Back Programme in Support of Employee Share Incentive Plan
SciSys announces that it has commenced a limited share buy-back programme (the 'Buy-Back Programme') with its broker, Canaccord Adams Limited, to buy shares in support of the Company's Employee Share Incentive Plan (the '"Scheme"). The purchases will be in accordance with the authority granted to it by shareholders at the Annual General Meeting held on 12 June 2008 to purchase up to £600,000 of the Company's existing issued ordinary share capital ("Shares"). The Shares acquired under the existing authority will be subsequently offered to the Trustee of the Scheme to purchase on behalf of its participants. The Buy-Back Programme will enable increased employee holdings in SciSys.
Shares acquired pursuant to the Buy-Back Programme will be purchased within certain pre-set parameters, including a maximum purchase price of no more than 105 per cent. of the average middle market closing price of the Shares for the 5 dealing days preceding the date of purchase. The absolute maximum number of Shares which may be held in treasury is 9.9% of the Company's issued share capital.
Transaction in Own Shares
The Company further announces that on 3 April 2009, it purchased 30,000 Shares at a price of 35 pence per share in accordance with the Buy-Back Programme. The purchased Shares will be held as treasury shares until their acquisition by the Trustee of the Company's Share Incentive Plan. Following the above purchase, the Company holds 30,000 ordinary shares in treasury and has 28,450,275 in issue (excluding treasury shares).
Enquiries:
Peter Murden Tel: 01249 466466 Company SecretarySciSys Plc
Nomad - Canaccord Adams LimitedSimon Bridges Adria Da Breo Richards Tel: 02070 506500