Prime People PLC Intention to purchase own shares (9836V)
09 November 2017 - 6:02PM
UK Regulatory
TIDMPRP
RNS Number : 9836V
Prime People PLC
09 November 2017
9 November 2017
Prime People plc
("Prime People" or the "Company")
Intention to purchase own shares
The Company announces that, under the authority granted to it at
the most recent AGM held on 28 July 2017, it seeks to acquire in
the market ordinary shares of 10 pence each in the capital of the
Company ("Ordinary Shares") commencing on 20 November 2017, being 7
working days from the date of this announcement.
The purchased shares will be held in treasury and will be
utilised to meet current and future obligations arising from share
incentive arrangements with employees of the Company.
The Company will seek to make market purchases of up to 300,000
Ordinary Shares, providing it can achieve the purchases at a price
or prices that the Company believes will be good value for
shareholders. Notwithstanding the average daily volume restrictions
set out in Article 3(3) (b) of the Commission Delegated Regulation
(EU) 2016/1052, the Company expects to make purchases in excess of
these volume restrictions, subject to prevailing market conditions
and liquidity.
The purchase price to be offered will conform with the
restrictions set out in the AGM resolution passed on 28 July 2017,
under which the minimum price which may be paid by the Company is
10 pence per Ordinary Share, and the maximum price which may be
paid by the Company shall not be more than 5 per cent above the
average of the middle market quotations for an Ordinary Share as
derived from the London Stock Exchange Plc for the five business
days immediately preceding the date on which the Ordinary Shares
are purchased.
The Company will make further regulatory announcements to
shareholders in respect of purchases of Ordinary Shares by the
Company as they occur.
Robert Macdonald, Executive Chairman, commented:
"The Board believes employee share ownership is a dynamic,
positive and particularly valuable aspect of the Company's
arrangements with its staff. Given the Company's strong cash
position, purchasing shares into treasury allows non-dilutive
satisfaction of share incentives and an efficient use of a small
part of our cash resources."
For further information please contact:
Prime People plc 020 7318 1785
Robert Macdonald, Executive
Chairman
Donka Zaneva-Todorinski,
Finance Director
Cenkos Securities 020 7397 8900
Elizabeth Bowman - Nomad
Julian Morse - Sales
This information is provided by RNS
The company news service from the London Stock Exchange
END
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