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Share buy-back programme

26th Jun 2012 07:00

RNS Number : 1050G
Micro Focus International plc
26 June 2012
 



 

26 June 2012

 

 

 

MICRO FOCUS INTERNATIONAL PLC ("MICRO FOCUS" OR THE "COMPANY")

 

Share buy-back programme

 

Micro Focus confirms that, following the publication of the Company's preliminary results for the year ended 30 April 2012, it is no longer in a close period and, as such, (and as stated therein), it will be monitoring opportunities to make use of the authority conferred on it to make on-market purchases of the Company's ordinary shares at valuation levels which the Board considers appropriate.

 

Any such purchases will be effected within the Company's general buy-back authority as approved by shareholders at the Company's AGM on 22 September 2011. Purchases will be subject to a maximum number of up to 24,472,697 ordinary shares of 11 4/11 pence each ("Share"), and to certain other pre-set parameters. The maximum price which may be paid for each Share is an amount equal to the higher of (i) 105 per cent of the average of the middle market quotations for a Share as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the Share is purchased; and (ii) the higher of the price of the last independent trade of any ordinary share and the highest current bid for an ordinary share as stipulated by Article 5(1) of Commission Regulation (EC) 22 December 2003 implementing the Market Abuse Directive as regards exemptions for buyback programmes and stabilisation of financial instruments (2273/2003). Micro Focus does not intend to limit purchases by reference to the average daily trading volumes in the Company's shares.

 

The timing and quantum of any purchases will be determined by Micro Focus in accordance with the above parameters and in consultation with its broker, Numis Securities Limited ("Numis"), with regard to the prevailing market price of the Company's shares, prevailing market conditions and any other relevant considerations. Any purchases will be funded out of the Company's cash balances and available debt facilities.

 

Micro Focus confirms that it is not currently in possession of any unpublished price sensitive information.

 

Furthermore, the Company anticipates releasing its Q1 2012 Interim Management Statement ("Q1 IMS") on 16 August 2012 covering the period from 30 April 2012 to that date. The Company's practice is to treat the period commencing 23 July up to release of the Q1 IMS as a close period. Consequently the Company has appointed Numis to manage the buyback programme on a non-discretionary basis during this and any other unscheduled close period that may arise between the date of this announcement and the date of the Company's 2012 Annual General Meeting, currently expected to take place on 26 September 2012. In accordance with the terms of Numis' appointment and subject to certain pre-set parameters including those set out above, Numis is able to make its trading decisions in relation to the Company's securities independently of and uninfluenced by the Company with regard to the timing of the purchases.

 

Any shares purchased will be cancelled or held in treasury.

 

Enquiries:

 

Micro Focus International plc

Tel: +44 (0)1635 565200

Mike Phillips, Chief Financial Officer

Tim Brill, IR Director

Numis Securities Limited

Tel: +44 (0)20 7260 1000

Alex Ham/Simon Willis

Powerscourt

Tel: +44 (0)20 7250 1446

Giles Sanderson/Nick Dibden/Sophie Moate

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
POSSEAFIIFESEIM

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