1st Oct 2009 07:00
1 October, 2009
Alternative Networks Plc
("Alternative Networks" or the "Company")
Trading Update, Share Repurchase Programme and Close Period
Trading Update
The Company expects to report results for the year ended 30th September 2009 in line with market expectations. The announcement of preliminary results for the year ended 30th September, 2009 is expected on 8th December 2009.
Share Repurchase Programme
Pursuant to the general authority given to the Company by shareholders, the Company announces that it intends to begin the purchase of its own ordinary shares ("Shares"). The maximum number of Shares which can be purchased is 3,573,059 Shares at a maximum price of 5 per cent. above the average of the middle market quotation for the shares as taken from the Daily Official List of the London Stock Exchange ("LSE") for the five business days preceding the purchase (exclusive of expenses).
After consultation with the LSE and in accordance with the Code of Market Conduct, the Company announces that it may deviate from the limit of 25 per cent. of the average daily trading volume over the last 20 trading days ("Volume") up to a maximum of 50 per cent. of the Volume.
In order to be able to buy back shares during the Company's Close Period, Alternative Networks PLC announces that it has entered into an irrevocable, non-discretionary programme with Investec Bank plc to purchase up to 1,000,000 Ordinary Shares on its own behalf, for cancellation during its close period which commences on 9 October, 2009 and ends on 8 December 2009.
Any acquisitions will be effected within certain pre-set parameters, and in accordance with both Alternative Networks general authority to repurchase shares and the terms of the associated waivers granted by the Takeover Panel (as previously approved by shareholders) in respect of the obligation of James Murray and his concert party to make a general offer under Rule 9 of the City Code on Takeovers and Mergers.
ENQUIRIES:
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Alternative Networks plc
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Edward Spurrier
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0870 190 744
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Chief Financial Officer
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Financial Dynamics
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0207 831 3113
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Juliet Clarke
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Haya Herbert-Burns
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Related Shares:
AN..L