14th Jul 2006 11:56
Emblaze Ltd14 July 2006 Emblaze Ltd ("Emblaze" or the "Company") Share Buyback The Board of Emblaze (LSE: BLZ) announces that on 10 July 2006 the Companycompleted a buyback of its own shares, representing approximately $70 million,thus decreasing the total number of outstanding shares from approximately 136million to approximately 110 million. The Share Buyback creates an immediatebenefit by increasing all shareholders' respective holdings by approximately18.8%. In detail Following the announcement on 5 June 2006, the Board of Emblaze announces thatit has obtained the approval from the District Court in Israel, for a sharebuyback programme of the Company's Ordinary Shares of an aggregate amount incash of up to £40 million. Further to the announcement on 29 June 2006 inrespect of the passing of the Resolutions at the Extraordinary General Meetingof the Company, the Board further announces that on 10 July 2006 it purchased25,597,439 Ordinary Shares from Mr. Eli Reifman at a price of 149p per share. The Board further announces that following completion of the Share Buyback, theBridging Loan entered into between the Company and Eli Reifman was paid back infull together with £116,000 interest accrued thereon. As previously stated in the Circular dated 14 June 2006, in accordance with theIsraeli Companies Law, any Ordinary Shares of the Company repurchased by theCompany become dormant shares that have no voting rights and no rights toparticipate in distributions or upon liquidation. Such dormant shares arecontrolled by the Company, are deemed issued but not outstanding, and they maybe used by the Company for re-issuance for any purpose. As a result of the Share Buyback, (a) the total number of dormant shares held bythe Company following the purchase and non-cancellation of such equity shares is30,302,902; and (b) the number of equity shares that the Company has in issueless the total number of dormant shares held by the Company following thepurchase and non-cancellation of such equity shares is 110,275,252. Following completion of the Share Buyback, the total number of Ordinary Sharesin which Eli Reifman has an interest is 14,002,029, representing 12.70% of theoutstanding issued share capital of the Company. Of these shares, Eli Reifmanhas no legal or beneficial rights over 3,500,000 Ordinary Shares. The options described in the Circular dated 14 June 2006 have duly been issuedto Eli Reifman. Definitions in this announcement bear the same meaning as those in the Circulardated 14 June 2006. For further information, please contact: Emblaze Doron Cohen/Hagit Gal +972 9 7699831/339 Corfin Communications Harry Chathli, Neil Thapar 020 7929 8980 Note to Editors About Emblaze Emblaze Ltd is a group of companies sharing a common mission to provide telecomoperators with technologies, products and solutions for next generationservices: Emblaze Mobile, a new breed in handsets design and manufacturing;Emblaze VCON, is a leading provider of wireless video communicationstechnologies and conferencing solutions for operators and enterprise marketsover IP networks; Orca Interactive (LSE: ORCA), provider of InteractiveTelevision IPTV middleware for Video On Demand (VOD) and broadcast services,aimed at Telecom, cable and xDSL operators; Emblaze SmartContent, developer ofhighly advanced technology for Content-Push over wireless and IP networks tomobile devices and personal computers; emoze, a free global Push Email servicefor mobile devices that will push send your Emails and PIM data to you anywhereand to any device and Visual Defence (LSE: VDI), a provider of wireless and IPvideo solutions for military and homeland security markets. Emblaze Group is traded on the London Stock Exchange (LSE: BLZ) since 1996 andhas offices in the United States, Canada, United Kingdom, China, Korea andIsrael. www.Emblaze.com END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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