Bioquell PLC Statement re Share Buyback (2618Z)
13 March 2017 - 8:41PM
UK Regulatory
TIDMBQE
RNS Number : 2618Z
Bioquell PLC
13 March 2017
Press Release 13 March 2017
Bioquell PLC
("Bioquell", or "the Company")
Share Buyback Programme
Bioquell announces its intention to continue to reduce its
capital by means of purchasing its ordinary shares from time to
time ("Share Repurchases") using its existing cash resources,
pursuant to the general authority given to it at the Company's
General Meeting held on 20 June 2016 to make Share Repurchases
totaling 3,438,415 million shares. In December 2016, Bioquell
repurchased 940,000 shares by means of such a market purchase.
Accordingly, any shareholders wishing to sell shares can contact
the Company's broker N+1 Singer. Share Repurchases shall be at the
discretion of the directors of the Company and shall be effected in
such manner and on such terms as they may from time to time
determine.
When making Share Repurchases, N+1 Singer may purchase, on
behalf of the Company, ordinary shares provided that the maximum
price payable for an ordinary share on the London Stock Exchange is
an amount equal to the higher of:
a. 105 per cent. of the average market value of the Company's
ordinary shares for the five business days immediately preceding
the day on which such share is contracted to be purchased; or
b. the higher of the price of the last independent trade and the
highest current bid, as stipulated by article 5(6) of regulation
(EU) No 596/2014 of the European Parliament and of the Council of
16 April 2014 on market abuse (market abuse regulation) and
repealing the Market Abuse Directive and Commission Directives
2003/124/EC, 2003/125/EC and 2004/72/EC.
Share Repurchases may be undertaken until the earlier of the
Maximum Amount being repurchased and 25 April 2017, being the date
of Bioquell's Annual General Meeting. Any shares repurchased will
be held in Treasury.
Due to the limited liquidity in in trading of Bioquell's shares,
Share Repurchases on any trading day are likely to represent a
significant proportion of the daily trading volume in the ordinary
shares (and are likely to exceed the 25% threshold of the average
daily trading volume in both the month preceding this announcement
and the 20 trading days preceding the date of the purchase as is
set out in the Commission Delegated Regulation (EU) 2016/1052 and,
as such, the Company would be deviating from the safe harbour set
out in Article 5(1) of the Market Abuse Regulation (Regulation
596/2014)).
The Company will make further announcements in due course
following the completion of any Share Repurchases.
For further information, please contact:
Bioquell PLC Tel: +44 (0)1264
835800
Ian Johnson, Executive Chairman
Michael Roller, Finance
Director
N+1 Singer Tel: +44 (0) 20
7496 3000
Mark Taylor
James White
This information is provided by RNS
The company news service from the London Stock Exchange
END
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