2 May 2017 07:00
SCISYS PLC ("SCISYS")
(AIM: SSY)
Share Buy-Back Programme
SCISYS PLC ("SCISYS"; AIM SSY), the supplier of bespoke software systems, IT-based solutions and support services to the Media & Broadcast, Space, Government, Defence and Commercial sectors, announces that it is to commence a £250,000 buyback programme to repurchase ordinary shares of 25 pence each in the capital of SCISYS ("Ordinary Shares" and the "Programme"). The Programme will be managed by finnCap Limited ("finnCap") and its sole purpose is to mitigate the dilutory effect of expected share option exercises by employees of SCISYS.
SCISYS announces that it has entered into an irrevocable, non-discretionary arrangement with finnCap in relation to the Programme and that finnCap will make its trading decisions concerning the timing of the purchases of Ordinary Shares independently of and uninfluenced by SCISYS.
The Programme commences on 2 May 2017 and will continue, subject to the renewal of the Company's buy-back authority resolution at the AGM to be held on 8 June 2017, until no later than 20 July 2017. Purchases may continue during any prohibited periods (as defined by MAR) of SCISYS which may fall during this period.
During the course of the Programme, SCISYS will make further notifications to the market as and when share purchases are made.
Ordinary Shares purchased as part of the Programme will be held as treasury shares. The number of Ordinary Shares purchased under the Programme will not exceed
1) prior to 8 June 2017, the maximum number of Ordinary Shares permitted to be purchased under the authority to purchase shares in SCISYS granted by shareholders at SCISYS' 2016 Annual General Meeting, being 2,875,275 shares; and
2) following 8 June 2017, the maximum number of Ordinary Shares permitted to be purchased under the authority to purchase shares in SCISYS to be proposed at SCISYS' 2017 Annual General Meeting, on 8 June 2017 being 2,873,538 shares.
For further information please contact:
SCISYS PLC | +44 (0)1249 466 466 | |
Mike Love | Chairman | |
Klaus Heidrich | Chief Executive Officer | |
Chris Cheetham | Finance Director | |
finnCap (NOMAD & Broker) | +44 (0)20 7220 0500 | |
Julian Blunt | Corporate Finance | |
Walbrook PR | +44 (0)20 7933 8780 | |
Tom Cooper/Paul Vann | +44 (0)797 122 1972 | |
tom.cooper@walbrookpr.com |
About SCISYS:
Employing around 500 staff, SCISYS group is a leading developer of Information and Communications Technology services, e-Business, web and mobile applications, editorial newsroom solutions and advanced technology solutions. The Company operates in a broad spectrum of market sectors including Media & Broadcast, Space, Government and Defence and Commercial sectors. SCISYS clients are predominantly blue chip and public sector organisations. Customers include the Environment Agency, the Ministry of Defence, Airbus Defence & Space, Arqiva, Vodafone, the European Space Agency, Eumetsat, the BBC, RNLI, AON, Interflora and the National Trust. The Company has UK offices in Chippenham, Bristol, Leicester and Reading and German offices located in Bochum, Darmstadt and Munich. More information is available at www.scisys.co.uk.