31st Mar 2011 11:32
31 March 2011
Cable & Wireless Communications Plc (the "Company")
Close Period Share Repurchase Programme
Further to the announcement made on 23 February 2011, the Company now announces that it has entered into an irrevocable, non-discretionary programme to purchase up to US$65 million of ordinary shares in the Company during its forthcoming close period, which commences on 1 April 2011 and is scheduled to end on 25 May 2011. This irrevocable programme is part of the share purchase programme of up to US$100 million announced on 23 February 2011.
The Company intends to hold any purchased shares as treasury shares.
The irrevocable buy back programme will be managed by RBS Hoare Govett Limited. RBS Hoare Govett Limited will make all of its trading decisions independently of, and uninfluenced by, the Company.
Any acquisitions will be effected within the same pre-set parameters as the share purchase programme of up to US$100 million announced on 24 February 2011 and, accordingly, in accordance with both the Company's general authority to repurchase shares and Chapter 12 of the Listing Rules (which require that the maximum price paid be limited to no more than 5 per cent above the average market value for the shares as derived from the London Stock Exchange Daily Official List for the five business days immediately prior to such purchase).
The Company confirms that it currently has no unpublished price sensitive information.
Related Shares:
CWC.L