Oleeo PLC Proposed Market purchase of shares (1611N)
15 January 2019 - 11:40PM
UK Regulatory
TIDMOLEE
RNS Number : 1611N
Oleeo PLC
15 January 2019
15 January 2019
Oleeo plc
("OLEE" or the "Company")
Proposed Market purchase of shares
The Company announces that pursuant to the approval it received
at the Annual General Meeting on 14 December 2018 it has authority
to make market purchases of its ordinary shares, including in
situations if ordinary shares become available from a director. The
maximum amount of money allocated to the proposed share buyback is
GBP50,000.
The Company may purchase Ordinary Shares provided that:
1) the maximum price payable for an ordinary share on the
Exchange is an amount equal to the higher of 105 per cent. of the
average market value of the Company's ordinary shares as derived
from the London Stock Exchange Daily Official List for the five
business days immediately preceding the day on which such share is
contracted to be purchased.
Given the limited liquidity in the ordinary shares, the Company
may not be able to benefit from the exemption laid down in Article
5(1) of Regulation (EU) No 596/2014, whereby the Company would not
purchase shares at a price higher than the higher of the price of
the last independent trade and the highest current independent
purchase bid on the trading venue where the purchase is carried
out.
2) the aggregate number of ordinary shares which may be acquired
on behalf of the Company in connection with the buyback shall not
exceed 1,524,010 ordinary shares.
Due to the limited liquidity in the ordinary shares, a buy-back
of ordinary shares on any trading day is likely to represent a
significant proportion, or possibly all, of the daily trading
volume in the ordinary shares on the London Stock Exchange (and is
likely to exceed the 25% limit of the average daily trading volume
as laid down in Article 5(1) of Regulation (EU) No 596/2014 and as
such the Company will not benefit from this exemption).
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Enquiries
Oleeo plc
Charles Hipps, Managing Director,
Telephone: +44 (0)20 8946 9876
Panmure Gordon (UK) Limited
Nominated Adviser
Andrew Potts
Telephone: +44 (0)20 7886 2500
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END
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