Appointment of Nominated Adviser and Sole Broker

RNS Number : 1254C

Impellam Group plc

06 February 2020

 

6 February 2020

Impellam Group plc

("Impellam" or the "Company")

Appointment of Nominated Adviser and Sole Broker

Impellam (AIM: IPEL) is pleased to announce the appointment of Canaccord Genuity Limited ("Canaccord") as Nominated Adviser and Sole Broker to Impellam with immediate effect.

Further to the above and the announcement made on 22 August 2018 by the Company regarding the Share Purchase Plan, Canaccord will take over the coordination of the Company's share buy-back programme effective today, 6 February 2020.

Under the Share Purchase Plan, the Company have instructed Canaccord to acquire ordinary shares of 1p each in the capital of the Company ("Ordinary Shares") for cancellation. The maximum price paid for such Ordinary Shares shall be an amount equal to the higher of (i) 5% above the average of the middle market quotations for the Ordinary Shares for the five business days prior to making any purchase; and (ii) the higher of the price of the last independent trade of and the highest current independent bid for an Ordinary Share on the London Stock Exchange's AIM market.

Since 11 October 2019, when the Company commenced further share purchases under its renewed Share Purchase Plan, the Company has purchased 1,191,500 Ordinary Shares under the Share Purchase Plan, at an approximate cost of £4.40 million. As at 31 January 2020, the number of Ordinary Shares in issue and admitted to trading on AIM is 46,811,160. This figure of 46,811,160 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules. 

Notwithstanding the average daily volume restrictions set out in Article 3(3) (b) of the Commission Delegated Regulation (EU) 2016/1052, the Company may make purchases in excess of these volume restrictions, subject to prevailing market conditions and liquidity.

Enquiries:

Impellam Group plc Julia Robertson, Chief Executive Officer	01582 692 658
Canaccord Genuity Ltd (Nomad and Sole Broker) Bobbie Hilliam Georgina McCooke	020 7523 8150

Note to Editors:

Impellam is the second largest¹ staffing company in the UK and sixth largest² Managed Services provider worldwide. Our vision is to be the world's most trusted staffing company - trusted by our people, our customers and our investors in equal measure.

We provide Managed Services and Specialist Staffing solutions across the UK, Europe, US, the Middle East and Australasia. We have over 3,200 Impellam people throughout our network of 17 market-leading brands across 165 worldwide locations.

Ultimately, Impellam Group's mission is to provide fulfilment and a sense of purpose to our people and to help customers build better businesses in a changing world.

For more information about Impellam Group please visit: www.impellam.com 

¹   By revenue (2017 published numbers)

²   By SUM (confirmed by Staffing Industry Analysts.  Spend Under Management (SUM) is the total amount of client expenditure which our Managed Services brands manage on behalf of their clients. This equates to revenue earned where Impellam acts as principal plus gross billings to customers where Impellam acts as agent (2017 published numbers). Management use this measure as it reflects the total value of the client spend to the Group and not just the revenue generated

 

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