Continuation of Share Buy-back

Gattaca PLC

13 November 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").

13 November 2023

Gattaca plc

("Gattaca", the "Company" or "the Group")

Continuation of Share Buy-back

On 21 August 2023 Gattaca plc ("Gattaca", the "Company" or the "Group"), the specialist staffing solutions business, announced its intention to return up to £0.5 million to shareholders via a series of share repurchases (the "Share Buy-back"). Over the weeks following this announcement, Gattaca returned approximately £390k to shareholders prior to going into a close period on 23 September 2023 pending release of the Group's FY23 results, at which point the Share Buy-back was halted.

The Company today confirms the relaunch of the Share Buy-back, to repurchase ordinary shares in the capital of the Company ("Ordinary Shares") up to an aggregate value of approximately £109k, being the remaining balance of the £0.5 million intended to be returned to shareholders[, as announced on 21 August 2023.]

The Share Buy-back will be operated in accordance with the terms of the Company's general authority to repurchase Ordinary Shares granted by shareholders at its annual general meeting (the "AGM"), held on 6 December 2022.

In accordance with the authority granted at the AGM; a) the aggregate number of Ordinary Shares to be repurchased will not exceed 2,448,101 (being the remaining balance of the shareholder authority when taking into account the various share repurchases by the Company since the AGM); b) the minimum price which may be paid for each Ordinary Share will be £0.01; and c) the maximum price (excluding expenses) which may be paid for each Ordinary Share will be 105% of the average middle market quotations for an Ordinary Share as derived from the AIM appendix to the Daily Official List of the London Stock Exchange plc for the five business days immediately preceding the day on which the Ordinary Share is contracted to be purchased.

The Company intends to limit (but retains discretion over) the number of Ordinary Shares repurchased daily, such that the aggregate price paid (being the total number of Ordinary Shares repurchased multiplied by the average price paid for each Ordinary Share, including expenses) on any given trading day is expected to not exceed £50,000.

Shareholders should be aware that a purchase of Ordinary Shares by the Company on any trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares and could exceed 25 per cent. of the average daily trading volume of the preceding 20 business days. Should that be the case, the Company could exceed the pricing and/or volume restrictions as established by the Commission Delegated Regulation 2016/1052/EU (as in force in the UK and as amended by the FCA's Technical Standards (Market Abuse Regulation) (EU Exit) Instrument 2019) (the "Regulation") and therefore the Share Buy-back may not fall within the safe harbour provisions of the Regulation. 

As part of the Share Buy-back, Liberum Capital Limited, the Company's broker, has been appointed to purchase the Ordinary Shares as principal. Ordinary Shares purchased pursuant to the Share Buy-back will be cancelled.

For further information please contact:

Gattaca plc	[phone]
Matthew Wragg, Chief Executive Officer Oliver Whittaker, Chief Financial Officer
Liberum Capital Limited (Nomad and Broker)	[phone]
Lauren Kettle Richard Lindley
IFC Advisory	[phone]
Tim Metcalfe Graham Herring Florence Chandler

 

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