Fonix Mobile PLC Share Buyback Programme (7887Z)
18 May 2023 - 4:00PM
UK Regulatory
TIDMFNX
RNS Number : 7887Z
Fonix Mobile PLC
18 May 2023
Fonix Mobile plc
("Fonix" or the "Company")
Share Buyback Programme
Fonix, the UK focused mobile payments and messaging company,
announces that it will undertake a share buyback programme of up to
250,000 Ordinary Shares (the "Share Buyback Programme").
The Share buyback Programme will facilitate the exercise of
employee options, a proportion of which are due to vest this year.
The directors believe that conducting a small buyback of shares is
a good use of the Company's large and growing cash balance and will
mitigate the dilutive impact on shareholders.
The Company has appointed its corporate broker finnCap Limited
("finnCap") to manage the Share Buyback Programme, to repurchase
Ordinary shares of 0.1 pence each ("Ordinary Shares") on its behalf
from 18 May 2023, up to a maximum aggregate consideration of
250,000 Ordinary Shares, representing 0.25 per cent of the total
issued share capital. It is the intention that this Share Buyback
Programme will be completed by 22 June 2023.
The Company has entered into an irrevocable commitment with
finnCap to continue the Share Buyback Programme through a
non-discretionary programme, repurchasing the Company's Ordinary
Shares on its behalf, and within certain defined parameters.
finnCap will make trading decisions in relation to the buyback of
Ordinary Shares independently of the Company within the programme
terms.
Share repurchases will take place in open market transactions
and may be made from time to time depending on market conditions,
share price, trading volume and other factors. The amount paid for
each Ordinary Share (exclusive of expenses) shall not be more than
105 per cent of the average price of an Ordinary Share, for the
five days immediately preceding the day on which any Ordinary Share
is purchased, or higher than the price of the last independent
trade and the highest current independent bid for an Ordinary Share
on the trading venue where the purchase is carried out.
Furthermore, the amount paid for each Ordinary Share (exclusive of
expenses) shall not be less than 0.1 pence per share, being the
nominal value of each Ordinary Share. Under the Share Buyback
Programme, the repurchased shares will either be held in treasury
at the Company's discretion for later reissue or cancellation.
Shares held in treasury are not entitled to dividends and have no
voting rights at the Company's general meetings.
The Share Buyback Programme is in accordance with the Company's
general authority to purchase a maximum of 10,000,000 Ordinary
Shares, granted by its shareholders at the Annual General Meeting
held on 22 November 2022. The Share Buyback Programme will be
conducted within the parameters of the Market Abuse Regulation
596/2014/EU ("UK MAR") and the Commission Delegated Regulation
2016/1052/EU (each as in force in the UK from time to time,
including where relevant pursuant to the Market Abuse
(Amendment)(EU Exit) Regulations 2019).
The Company will make further regulatory announcements in
respect of repurchases of Ordinary Shares as required by UK MAR and
the AIM Rules, including as to whether those shares will be
cancelled or are to be held in treasury.
Enquiries
Fonix Mobile plc Tel: +44 20 8114 7000
Robert Weisz, CEO
Michael Foulkes, CFO
finnCap Ltd (Nomad and Broker) Tel: +44 20 7220 0500
Jonny Franklin-Adams / Seamus Fricker (Corporate Finance)
Alice Lane / Sunila de Silva (ECM)
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END
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