11 Nov 2013 07:00
Tangent Communications plc ("Tangent" or the "Company")
Tangent TO COMMENCE SHARE BUY BACK PROGRAMME
Tangent (AIM: TNG) announces its intention to commence, with immediate effect, a share buy-back programme (the "Buyback Programme") to use up to £0.5 million of existing cash resources to make market purchases of its ordinary shares.
The Buyback Programme is being carried out pursuant to the share buyback authority and Rule 9 waiver granted to the Company at its Annual General Meeting on 9 July 2013, authorising the Company to make market purchases of up 27,881,298 of its own ordinary shares, representing approximately 10 per cent. of the Company's issued share capital. Full details of which are set out in the shareholder circular dated 14 June 2013.
The maximum price to be paid is limited to no more than 105 per cent. of the average middle market closing price of the Company's shares for the 5 business days preceding the date of purchase.
Due to the general illiquidity in trading of Tangent's ordinary shares, the Company may, in purchasing ordinary shares pursuant to the Buyback Programme, make purchases in excess of the limit of 25 per cent. of average daily volume in the 20 trading days preceding the date of the purchase which is set out in the Code of Market Conduct and, in such circumstances, the Company would be deviating from the safe harbour set out in MAR 1 Annex 1 to the Financial Conduct Authority Code of Market Conduct.
The Company will make further announcements in due course following the completion of any purchase of ordinary shares pursuant to the Buyback Programme.
For further information, please contact:
Tangent Communications plcTimothy Green - Chief Executive: 020 7462 6101Seema Paterson - Corporate Development: 020 7462 6101
Canaccord Genuity Limited - Nominated adviser and broker
Bruce Garrow / Emma Gabriel: 020 7523 8300
MHP CommunicationsAndrew Leach/Christian Pickel: 020 3128 8208