28th Mar 2011 07:00
28 March 2011
Micro Focus International plc
Initiation of Share buy-back programme
Micro Focus International plc ("Micro Focus") or (the "Company") announces that, with effect from today and at its sole discretion, it intends to make use of the authority conferred on it to make on-market purchases of the Company's ordinary shares.
Any such purchases will be effected within the Company's general buy-back authority of up to 20,521,883 ordinary shares of 10 pence each, as approved by shareholders at the Company's AGM on 23 September 2010, and certain other pre-set parameters. The main parameter is that the maximum price which may be paid for such Ordinary Shares is 5% above the average of the middle market quotations of such Ordinary Shares derived from the London Stock Exchange Daily Official List for the five business days before the day the purchase is made.
The timing and quantum of any purchases will be determined by Micro Focus in accordance with the above parameters and in consultation with its joint brokers, Numis Securities Limited and UBS Limited, with regard to prevailing market conditions and any other relevant considerations. The Company does not intend to limit purchases by reference to the average daily trading volumes in the Company's shares. 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Micro Focus confirms that it is not currently in possession of any unpublished price sensitive information. Any shares purchased will be cancelled or held in treasury.
Enquiries:
Micro Focus International plc 01635 565200
Mike Phillips, Chief Financial Officer
Tim Brill, IR Director
Financial Dynamics 020 7831 3113
Charles Palmer/Haya Herbert-Burns
Numis Securities Limited 020 7260 1000
Alex Ham/Simon Willis
UBS Limited 020 7567 8000
Adrian Haxby/Michael O'Brien
Related Shares:
MCRO.L