Crossrider plc Share Buyback Programme (2255G)
19 November 2015 - 6:00PM
UK Regulatory
TIDMCROS
RNS Number : 2255G
Crossrider plc
19 November 2015
Crossrider plc
("Crossrider," the "Company" or the "Group")
Share Buyback Programme
Crossrider (AIM: CROS), the creator of digital advertising
platforms specialising in monetising web and mobile media through
the use of big data, announces that it has put in place with
immediate effect a US$6 million share repurchase programme
("Programme"), currently representing approximately 5 per cent. of
the Company's issued share capital.
Background to the Programme
The Company's ordinary shares ("Ordinary Shares") were admitted
to trading on AIM in September 2014 ("Admission") in conjunction
with a placing which raised net proceeds for the Company of
approximately US$71 million. Since Admission, the Company's
profitability has been in line with or exceeded market
expectations. However, in the past 12 months, the Company's share
price has fallen by c.50% since Admission.
The Company continues to trade in line with expectations and as
at 16 November 2015, the Group had net cash balances of US$74.9
million. Under the terms of the Programme, the Company has agreed
to deploy up to US$6 million of its cash balances to repurchase its
Ordinary Shares.
Details of the Programme
The Programme will commence today and will remain open up until
8 January 2016 or such other date as the Company may determine and
notify to a Regulatory Information Service from time to time. The
repurchase programme will be managed by Shore Capital Stockbrokers
Limited ("Shore Capital").
Any Ordinary Shares repurchased will be purchased on-market on
the London Stock Exchange ("Exchange") in accordance with the
parameters of the general authority to make market purchases of its
own shares granted to the Company by its shareholders at the
Company's AGM on 29 May 2015. Pursuant to and during the term of
the Programme, Shore Capital may independently of, and without
influence by the Company, purchase Ordinary Shares from time to
time at its absolute discretion provided that the maximum price,
exclusive of any expenses, which may be paid for each Ordinary
Share is an amount equal to the higher of:
1. 105 per cent of the average of the middle market quotations
for an Ordinary Share, as derived from the London Stock Exchange
Daily Official List, for the five business days immediately
preceding the day on which the Ordinary Share is purchased; and
2. the higher of the price of the last independent trade and the
highest current independent bid for an Ordinary Share as stipulated
by the Buy-back and Stabilisation Regulations (EC 2273/2003).
Due to the limited liquidity in the Ordinary Shares, repurchases
under the Programme may on any day exceed 50% of the average daily
trading volume in the Ordinary Shares in the month preceding this
announcement or in the 20 trading days period preceding any
repurchase (as referred to in the Commission Regulation (EC) No.
2273/2003 on buy-back programmes).
Any repurchase of shares made by Crossrider following
commencement of the buyback programme will be announced no later
than 7.30 a.m. on the business day following the business day on
which the repurchase occurred. Any repurchased shares will be held
in treasury.
- ends -
For more information contact
Crossrider plc
Koby Menachemi, Chief Executive
Officer
Mark Carlisle, Chief Financial
Officer
c/o Bell Pottinger +44 (0) 20 3772 2496
Shore Capital
Bidhi Bhoma
Toby Gibbs +44 (0) 20 7408 4090
Bell Pottinger
David Rydell
James Newman
Sam Cartwright +44 (0) 20 3772 2496
About Crossrider
Crossrider is a creator of digital advertising platforms
specialising in monetising web and mobile media through the use of
big data. The Company's web and mobile platforms power ad networks,
agencies and direct publishers and enable the delivery of relevant
digital advertising through the analysis of big data: making online
marketing significantly more efficient and cost effective.
The Group operates web and mobile platforms which generate big
data, enabling the development of a proprietary ad serving
algorithm and engine that can extract value from this data to
deliver relevant advertising to targeted users.
Crossrider's vision is to become the de facto standard platform
for delivering relevant web and mobile adverts to billions of
people, powering the next generation of digital advertising.
www.crossrider.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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