31 Mar 2020 07:00
31 March 2020
Tremor International Ltd
("Tremor" or the "Company")
Commencement of Share Buyback Programme
&
Non-executive Director Appointment
Tremor International Ltd (AIM: TRMR), a global leader in video advertising technologies, announces that it has approved a share buyback programme of ordinary shares of NIS0.01 in the capital of the Company ("Ordinary Shares") for an aggregate purchase price of up to US$10 million (the "Buyback Programme"). The Buyback Programme forms part of the Group's broader strategy to deliver shareholder value. The Company has a strong balance sheet with net cash of $76.9 million, which allows it to undertake the Buyback Programme and be confident in trading through the coming period of uncertainty. In addition, the Company confirms the appointment of Mrs Rebekah Brooks to the board of directors as Non-executive Director.
The Buyback Programme will be independently managed by finnCap Ltd, the Company's 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 (the "Authority") and will be conducted within certain parameters.
The Buyback Programme will be effected in accordance with the Authority in that 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 either until the end of the calendar year or until it has been completed.
Any Ordinary Shares acquired as a result of the Buyback Programme will be reclassified as dormant shares under the Israeli Companies Law (without any rights attached thereon) and will be held in treasury. Any Ordinary Shares acquired as a result of the Buyback Programme will 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.
Tremor also announces that further to the satisfaction of due diligence by the Company's nominated adviser, Mrs Rebekah Brooks, Chief Executive Officer of News UK, has today joined the board of Tremor with immediate effect as Non-Executive Director.
Rebekah is currently Chief Executive of News UK, a position she has held since September 2015, having joined News Corp in 1989.
Tim Weller, Chairman of Tremor, commented:
"We are delighted to welcome Rebekah to the Board following Tremor's acquisition of Unruly in January 2020 as her extensive experience will prove invaluable as we further develop our business.
"In addition, her appointment further strengthens our relationship with News Corp which we believe will become invaluable to Tremor as it provides us with greater access to some of the world's most well-regarded media brands and significantly extends our international footprint."
The Company confirms that it currently has no other unpublished price sensitive information other than what has been disclosed above.
The following information regarding Rebekah Mary Brooks, aged 51, is disclosed under Schedule 2(g) of the AIM Rules for Companies:
Current directorships and/or partnerships | Former directorships and/or partnerships(within the last five years) | ||
Times Newspapers Limited | Force Select Foundation | ||
Times Newspapers Holdings Limited | Unruly Holdings Limited | ||
News Group Newspapers Limited | |||
News Group UK & Ireland Limited | |||
News Corp Holdings UK & Ireland | |||
News Corp Investments UK & Ireland | |||
PA Media Group Limited | |||
Wireless Group Limited |
There are no further disclosures to be made under Schedule 2g of the AIM Rules for Companies.
For further information please contact
Tremor International Ltd Ofer Druker, Chief Executive Officer Sagi Niri, Chief Financial Officer
| Tel: +972 3 545 3900 |
finnCap Ltd (Nominated Adviser and Broker) | Tel: +44 (0)20 7220 0500 |
Corporate Finance - Jonny Franklin-Adams, James Thompson, Hannah Boros ECM - Tim Redfern, Richard Chambers
| |
Vigo Communications (Financial Public Relations) Jeremy Garcia Antonia Pollock Charlie Neish tremor@vigocomms.com
| Tel: +44 (0)20 7390 0230 |
About Tremor International
Tremor International Ltd is a global leader in advertising technologies, it has multiple core divisions: Tremor Video, RhythmOne, Unruly and Taptica (performance advertising).
Tremor Video helps advertisers deliver impactful brand stories across all screens through the power of innovative video technology combined with advanced audience data and captivating creative. Tremor Video is one of the largest and most innovative video advertising companies in North America, with offerings in CTV, in stream, and in-app.
RhythmOne drives real business outcomes in multiscreen advertising. Its highly ranked programmatic platform efficiently and effectively delivers performance, quality, and actionable data to demand and supply-focused clients and partners.
Unruly is a data-driven marketplace with more than 2,000 direct integrations with publishers, unique demand relationships with the world's biggest advertisers and privileged access to News Corp inventory. Unruly works with 95% of the AdAge 100 and 82% of video views are delivered across Comscore 1,000 sites.
Tremor International Ltd is headquartered in Israel and maintains offices throughout the US and Canada, Asia-Pacific, Europe, India and Latin America, and is traded on the London Stock Exchange (AIM: TRMR).