Share Buyback

RNS Number : 1759K

Taptica International Ltd

12 December 2018

 

12 December 2018

Taptica International Ltd

("Taptica" or the "Company")

Share Buyback

Taptica (AIM: TAP), a global leader in advertising technologies for performance-based mobile marketing and brand advertising, announces that the Board of Directors ("Board") have approved a share buyback programme of ordinary shares of NIS0.01 in the capital of the Company ("Ordinary Shares") for an aggregate value of up to US$10 million (the "Buyback Programme").

The Company has actively continued to evaluate a number of strategic acquisitions and has held conversations with a number of potential targets. However, at this time, there are no conversations ongoing and therefore the Board feels that the best use of available capital is to commence a buy back funded from the Company's current net cash balance. The Company will continue to explore strategic acquisitions as and when appropriate opportunities arise. Cash generation of the business continues to be strong.

Purchases of Ordinary Shares may be made from time to time when the Board considers appropriate and depending on market conditions, share price, trading volumes and other factors. The Buyback Programme is in accordance with the terms of the Company's authority to make market purchases of its own Ordinary Shares (the "Authority") and will be conducted within certain parameters.

The Buyback Programme will be effected in accordance with the Authority including that the maximum price paid per Ordinary Share is to be no more than 105 per cent. of the average middle market closing price of an Ordinary Share for the five business days preceding the date of purchase. The Buyback Programme will commence on 12 December 2018 and will continue until 28 February 2019, or when the Company enters a closed period.

Any Ordinary Shares acquired as a result of the Buyback Programme will be reclassified as dormant shares under the Israeli Companies Law (without any rights attached thereon) and will be held in treasury. Any Ordinary Shares acquired as a result of the Buyback Programme will be announced to the market without delay.

Due to the limited liquidity in the issued Ordinary Shares, any Buyback of Ordinary Shares pursuant to the Authority on any trading day is likely to represent a significant proportion of the daily trading volume in the Ordinary Shares on AIM and is likely to exceed 25 per cent. of the average daily trading volume, being the limit laid down in Article 5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company will not benefit from the exemption contained in this Article.

The Company confirms that it currently has no other unpublished price sensitive information other than what has been disclosed above.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure and Transparency Rules, Taptica notifies the market that as at the date of this announcement, the Company's issued share capital consists of 68,518,497 ordinary shares with a nominal value of NIS0.01 each ("Ordinary Shares"), along with 8,088,337 shares reclassified as dormant shares under the Israeli Companies Law (without any rights attached thereon), the Company holds these dormant shares in Treasury. Therefore, the total number of shares with voting rights is 68,518,497. Any Ordinary Shares purchased pursuant to the Buyback Programme will also be reclassified as dormant shares under the Israeli Companies Law (without any rights attached thereon), and be held in treasury.

The above figure of 68,518,497 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 FCA's Disclosure and Transparency Rules.

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

For further information please contact:

Taptica	[phone]
Yaniv Carmi, Chief Financial Officer Rivi Bloch, Interim Chief Executive Officer
finnCap	[phone]
Corporate Finance: Jonny Franklin Adams, James Thompson, Hannah Boros
Corporate Broking: Tim Redfern
Berenberg	[phone]
Chris Bowman, Mark Whitmore
Luther Pendragon	[phone]
Harry Chathli, Claire Norbury

 About Taptica

Taptica International Ltd is a global leader in advertising technologies that operates in more than 70 countries. It has two revenue streams: performance-based marketing, provided by its Taptica business, and brand advertising, provided by its Tremor Video DSP business.

The Taptica business is an end-to-end mobile technology advertising platform that helps the world's top brands reach their most valuable users with the widest range of traffic sources available today. Its proprietary technology leverages big data and, combined with state-of-the-art machine learning, enables quality media targeting at scale. It works with more than 600 advertisers including Amazon, Disney, Twitter, OpenTable, Expedia and Zynga.

Tremor Video DSP is the leading programmatic video platform, matching advertisers with audiences - wherever they may be. Delivering custom video experiences across all screens, Tremor Video DSP helps advertisers tell captivating brand stories to create meaningful, personalised moments with prospective customers. Tremor Video DSP works with the top agencies and advertisers in the US.

Taptica International Ltd is headquartered in Israel with offices in San Francisco, New York, Tokyo (Adinnovation), Beijing, Seoul and London, and is traded on the London Stock Exchange (AIM: TAP).

 

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