COMPANY SHARE BUY BACK SCHEME

RNS Number : 6595W

dotDigital Group plc

11 November 2014

 



FOR IMMEDIATE RELEASE                                                                                                        11 NOVEMBER 2014

dotdigital Group plc

("dotdigital" or the "Company")

COMPANY SHARE BUY BACK SCHEME

dotdigital Group Plc (AIM: DOTD), the leading provider of intuitive Software as a Service and managed services to digital marketing professionals announces its intention to  commence a share buy-back (the "Share Buyback").  The size of the proposed Share Buyback is up to 3.0m shares.  The Share Buyback will be funded from the Company's existing cash resources and made through market purchases of ordinary shares.  The repurchased ordinary shares are to be held in treasury in anticipation of the first tranche of lapsing staff share options being exercised over the coming 12 months. Following the buy back the number of voting rights will be adjusted.

The Share Buyback will be carried out pursuant to the share buyback authority granted to dotdigital group plc at its General Meeting on 18^th December 2013, resolution 9, authorising the Company to make market purchases of its own ordinary shares up to 27,747,207 shares.

The maximum price to be paid is limited to no more than 105 per cent.of the average middle market closing price of the Company's shares for the 5 business days preceding the date of purchase.

Due to the general illiquidity in trading of its ordinary shares, the Company may, in purchasing ordinary shares pursuant to the Share Buyback, make purchases in excess of the limit of 25 per cent. of average daily volume in the 20 trading days preceding the date of the purchase which is set out in the Code of Market Conduct and, in such circumstances, the Company would be deviating from the safe harbour set out in MAR 1 Annex 1 to the Financial Conduct Authority Code of Market Conduct.  

The Company will make further announcements in due course following the completion of any purchase of ordinary shares pursuant to the Share Buyback.

For further enquiries please contact:

dotDigital Group Plc Peter Simmonds, Chief Executive Milan Patel, Chief Financial Officer www.dotdigitalgroup.com	Tel: [phone] Tel: [phone]
Financial PR and Investor Relations Lisa Baderoon [e-mail]	Tel: [phone]
N+1 Singer, NOMAD & Broker Shaun Dobson, Head of Corporate Finance	Tel: [phone]
finnCap, Joint Broker Stuart Andrews, Corporate Finance	Tel: [phone]

 

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