29th Sep 2014 07:00
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
Sepura PLC
("Sepura" or the "Company")
Announcement of share buy-back programme to satisfy the future exercise of awards under employee share schemes
Sepura plc announces the launch of an ordinary share buy-back programme, (the "Programme") which will commence with effect from today and will conclude on 26 September 2015, (unless terminated earlier). The Programme will be conducted in accordance with the authorisation granted to the Company by shareholders at the AGM held on 30 July 2014. It is intended that the ordinary shares bought back under the Programme will be held in Treasury to satisfy the future exercise of awards under the Company's employee share incentive schemes.
Sepura has appointed Liberum Capital Limited, ("Liberum") to manage the Programme and has authorised Liberum to effect on-market purchases of ordinary shares of 0.05 pence each ("Ordinary Shares") on behalf of the Company on the Main Market of the London Stock Exchange plc (the "Exchange").
Pursuant to and during the term of the Programme, Liberum may independently of, and without influence by the Company, purchase Ordinary Shares from time to time at its absolute discretion provided that:
1) the maximum price payable for an Ordinary Share on the Exchange is an amount equal to the higher of:
a. 105% of the average market value of the Company's Ordinary Shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased; or
b. the higher of the price of the last independent trade and the highest current bid stipulated by Article 5(1) of the Commission Regulation, (Directive 2003/6/EC) 22 December 2003 implementing the Market Abuse Directive with regard to exemptions for buy back programmes and stabilisation of Financial Instruments, (No. 2273/2003); and
2) the aggregate number of Ordinary Shares, which may be acquired on behalf of the Company in connection with the Programme, will not exceed 2,400,000 Ordinary Shares.
Due to the limited liquidity in the Ordinary Shares, a buy-back of Ordinary Shares pursuant to the Programme on any trading day is likely to represent a significant proportion of the daily trading volume in the Ordinary Shares on the Exchange. This is likely to materially exceed the 25% and 50% limits of the average daily trading volume of August 2014 as referred to in the Commission Regulation, (No. 2273/2003) on buy-back programmes.
- Ends -
For further information please contact:
Sepura plc Tony Hunter
| + 44 (0) 20 7603 1515 |
Bell Pottinger Olly Scott Lydia Eades
| +44 (0) 20 3772 2500 |
Notes to Editors:
Sepura is a global leader in the design, manufacture and supply of digital radios, infrastructure and applications for Professional Mobile Radio users, providing specialist solutions for the public safety, transportation, oil and gas, mining, utilities, industrial and other commercial sectors.
Founded in the UK in 2002, Sepura has expanded rapidly across the world and is now a market leader in over 30 countries, with a network of regional partners that sell, and provide local support for, its market-leading products.
Headquartered in Cambridge, England and with over 350 employees, Sepura was admitted to the Official List of the London Stock Exchange on 3 August 2007.
www.sepura.com
Related Shares:
SEPU.L