Proposed Share Buyback

RNS Number : 2963Q

San Leon Energy PLC

18 October 2019

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.

18 October 2019

San Leon Energy plc

 ("San Leon" or the "Company")

Proposed Share Buyback

San Leon Energy plc today announces that, pursuant to the shareholder resolutions passed on 27 September 2019 at the Annual General Meeting, it plans to acquire ordinary shares of EUR 0.01 nominal value each ("Ordinary Shares"), up to a total value of USD 2.0 million (the "Buyback Programme"). In accordance with the shareholder resolutions, the Company is proposing to acquire the Ordinary Shares at a maximum price of the greater of (i) 105% of the average market price of such shares for the previous five days and (ii) the higher of the price quoted for the last independent trade and the highest current independent bid or offer for such shares.

The Buyback Programme will be independently managed by Cantor Fitzgerald Europe, the Company's Nominated Adviser and joint broker, which will make trading decisions independently and without influence of the Company within certain pre-set parameters.

A buyback of Ordinary Shares on any trading day may represent a significant proportion, or possibly all, of the daily trading volume in the Ordinary Shares on the London Stock Exchange (and may exceed the limit of 25% of the average daily trading volume, as laid down by Article 5(1) of Regulation (EU) No 596/2014).  The Company may therefore not be able to benefit from the exemption laid down in Article 5(1) of Regulation (EU) No 596/2014.  The Company confirms that it is not in possession of any unpublished price sensitive information, other than the information disclosed in this announcement.

Ordinary Shares acquired as a result of the Buyback Programme will be cancelled. The Buyback Programme will be funded from the Company's current cash balances.

The Buyback Programme will commence with immediate effect and will continue until the Buyback Programme is completed or earlier if the board of directors of the Company decides to terminate it.

At the time of this announcement, the Company's issued share capital is 455,622,127 Ordinary Shares, of which nil Ordinary Shares are held in treasury. Therefore, the total number of Ordinary Shares with voting rights is 455,622,127.

There is no guarantee that the Buyback Programme will be implemented in full or that any shares will be repurchased by the Company.

Enquiries:

San Leon Energy plc

Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser and joint broker to the Company)

David Porter ([phone])

Rick Thompson ([phone])

Whitman Howard Limited (Joint broker to the Company)

Nick Lovering ([phone])

Brandon Hill Capital Limited (Joint broker to the Company)

Oliver Stansfield ([phone])

Jonathan Evans ([phone])

Vigo Communications (Financial Public Relations)

Chris McMahon ([phone])

Simon Woods ([phone])

Plunkett Public Relations

Sharon Plunkett ([phone])

 

END

 

 

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