Extension to Share Buyback Programme

Crystal Amber Fund Limited

29 January 2024

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 to the extent it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended by virtue of the European Union (Withdrawal Agreement) Act 2020). Upon the publication of this announcement, this inside information is now considered to be in the public domain.

29 January 2024

Crystal Amber Fund Limited

("Crystal Amber Fund", the "Company" or the "Fund")

Extension to Share Buyback Programme

Crystal Amber Fund announces the extension of the share buyback programme announced on 8 December 2023. The Company intends to continue to conduct on-market purchases under the share buyback programme to repurchase ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares"), up to an aggregate amount of £5 million (of which c.£3.7 million has been utilised so far), pursuant to the authority obtained at the Company's annual general meeting on 22 November 2023 (the "Buyback"). The Company now intends to operate the Buyback until 28 March 2024.

The Company has appointed Winterflood Securities Limited ("Winterflood") to execute and manage the Buyback and has given an irrevocable instruction to Winterflood to make market purchases of Ordinary Shares on its behalf, independently of the Company. Winterflood will make its trading decisions in relation to the Ordinary Shares independently of and uninfluenced by the Company with such trading decisions being in line with the terms of the Buyback.

The maximum price which may be paid by the Company per Ordinary Share shall not be more than the higher of:

a.    105 per cent of the average of the middle market quotations for an Ordinary Share as derived from the AIM market of the London Stock Exchange plc for the five business days immediately preceding the day on which the purchase is made; and

b.    the value of an Ordinary Share calculated on the basis of the higher of the price quoted for (i) the last independent trade of and (ii) the highest current independent bid for the Ordinary Shares.

The Company has determined that it will not rely on the safe harbour conditions for trading set out in Article 5 of EU Market Abuse Regulation (2014/596/EU) (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ("UK MAR") and, accordingly, the Company will not benefit from the exemption contained in Article 5 of UK MAR, given the limited liquidity in the Ordinary Shares and limitations that it would impose on the number of Ordinary Shares that can be purchased. Therefore, the Company may purchase Ordinary Shares pursuant to the Buyback on any trading day materially in excess of 25 per cent. of the average daily volume in the 20 trading days preceding the date on which the purchase is carried out, being the limit laid down in Article 5(1) of UK MAR.

There is no guarantee that the Buyback programme will be implemented in full or that any purchases will be made. The Company reserves the right to bring a halt to the Buyback under circumstances that it deems to be appropriate and in accordance with relevant law and regulation.

The Company will make further announcements in due course following any share purchases conducted through the Buyback.

The Company confirms that, other than as disclosed in this announcement, it is not currently in possession of any unpublished inside information.

For further enquiries please contact:

Crystal Amber Fund Limited

Chris Waldron (Chairman)

Tel: [phone]

www.crystalamber.com

Allenby Capital Limited - Nominated Adviser

Jeremy Porter/ Dan Dearden-Williams

Tel: [phone]

Winterflood Investment Trusts - Broker

Joe Winkley/Neil Langford

Tel: [phone]

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: [phone]

 

END