Reabold Resources PLC Continuation of Share Buyback Programme (4173E)
29 June 2023 - 9:56PM
UK Regulatory
TIDMRBD
RNS Number : 4173E
Reabold Resources PLC
29 June 2023
29 June 2023
Reabold Resources plc
("Reabold" or the "Company")
Continuation of Share Buyback Programme
Reabold Resources plc, the oil & gas investing company with
a diversified portfolio of exploration, appraisal and development
projects, is pleased to announce the continuation of its share
buyback programme (the "Programme") under renewed authorities
granted by shareholders at the Company's Annual General Meeting
("AGM") on 29 June 2023.
The initial size of the Programme was GBP750,000, as announced
on 28 April 2023. The aggregate value of the Company's ordinary
shares of 0.1 pence each ("Ordinary Shares") repurchased under the
Programme to date is GBP120,836, therefore the maximum amount of
cash allocated to the Programme from today's date is
GBP629,164.
The Board will keep the Programme under review to ensure that it
continues as an efficient and effective means of generating value
for Reabold shareholders. While the Company is continuing the
Programme, there is no certainty on the volume of shares that may
be acquired, nor any certainty on the pace and quantum of
acquisitions.
The Company has entered into a buyback agreement with Stifel
Nicolaus Europe Limited ("Stifel"), which will conduct the
Programme and repurchase Ordinary Shares on Reabold's behalf, for a
maximum amount of GBP629,164 worth of Ordinary Shares. During any
closed periods of the Company, the buyback agreement will grant
Stifel the authority to enact purchases of Ordinary Shares and make
trading decisions concerning the timing of the purchases under the
Programme independently of the Company. The purpose of the
Programme is to reduce the issued ordinary share capital of
Reabold.
The Programme will be conducted within certain pre-set
parameters in accordance with the Company's general authority
granted to the Company at its AGM on 29 June 2023. In line with the
authority, the Programme will not exceed acquisitions of more than
2,294,346,977 Ordinary Shares. Share purchases will be carried out
on the London Stock Exchange. The average daily volume figure
acquired under the Programme will be no more than 25% of the
average daily volume traded in the 20 trading days preceding the
date of purchase, and no more than 6 million Ordinary Shares in any
one day.
Any Ordinary Shares acquired under the Programme shall be at a
maximum price (excluding expenses) of the higher of: (i) 10% above
the average of the middle market quotations for an Ordinary Share
as derived from the AIM Section of the Daily Official List of the
London Stock Exchange for the five business days before the date on
which the contract for the purchase is made; and (ii) an amount
equal to the higher of the price of the last independent trade and
current independent bid as derived from the London Stock Exchange
trading system.
The Ordinary Shares repurchased will be held in Treasury, to
meet the obligations from employee share option programmes or other
allocations of shares to employees of the Company, or to re-issue
such Ordinary Shares held in Treasury outside of a pre-emptive
offer.
It is intended that the Programme will be conducted within the
parameters prescribed by the Market Abuse Regulation 596/2014 (as
in force in the UK by virtue of the European Union (Withdrawal) Act
2018 and as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019) (the "Regulation"), the Commission Delegated
Regulation (EU) 2016/1052 (as in force in the UK by virtue of the
European Union (Withdrawal) Act 2018 and as amended by the FCA's
Technical Standards (Market Abuse Regulation) (EU Exit) Instrument
2019) (the "Delegated Regulation").
The Programme is expected to continue until 29 September
2023.
Any market repurchase of Ordinary Shares will be announced no
later than 7:30 a.m. on the business day following the calendar day
on which the repurchase occurred.
For further information, contact:
Reabold Resources plc c/o Camarco
Sachin Oza +44 (0) 20 3757 4980
Stephen Williams
Strand Hanson Limited - Nominated &
Financial Adviser
James Spinney
James Dance
Rob Patrick +44 (0) 20 7409 3494
Stifel Nicolaus Europe Limited - Joint
Broker
Callum Stewart
Simon Mensley +44 (0) 20 7710 7600
Ashton Clanfield
finnCap Ltd - Joint Broker
Christopher Raggett
Barney Hayward +44 (0) 20 7220 0500
Camarco
Billy Clegg
Rebecca Waterworth +44 (0) 20 3757 4980
Notes to Editors
Reabold Resources plc has a diversified portfolio of
exploration, appraisal and development oil & gas projects.
Reabold's strategy is to invest in low-risk, near-term projects
which it considers to have significant valuation uplift potential,
with a clear monetisation plan, where receipt of such proceeds will
be returned to shareholders and re-invested into further growth
projects. This strategy is illustrated by the recent sale of the
undeveloped Victory gas field to Shell, the proceeds of which are
being returned to shareholders and re-invested.
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