Share Buyback

RNS Number : 4370B

Shoe Zone PLC

20 September 2018

 

Shoe Zone plc

("Shoe Zone" or the "Company")

Share Buyback

Shoe Zone plc announces that it intends to conduct a share buyback programme of ordinary shares of £0.01 in the capital of the Company ("Ordinary Shares") up to 75,000 Ordinary Shares (the "Buyback Programme").

The Company entered into an irrevocable and non-discretionary arrangement with its broker, finnCap Ltd ("finnCap"), on 20 September 2018 to enable finnCap to purchase Ordinary Shares in accordance with the terms of the Company's authority to make market purchases of its own Ordinary Shares. The Buyback Programme will therefore be effected in accordance with the Authority and 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.

finnCap is authorised to make purchases on the Company's behalf from 20 September 2018 until 12 October 2018 (the "Buyback Period") despite the Company entering into a Closed Period on 1 October 2018. During the Buyback Period the Company has no power to invoke any changes to the authority and any purchases will be undertaken by finnCap, acting independently of, and uninfluenced by the Company.

Any Ordinary Shares acquired as a result of the Buyback Programme will be held in treasury and used to meet future LTIP exercise requirements.

Due to the limited liquidity in the issued Ordinary Shares, the purchase by the Company 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The Company confirms that it currently has no unpublished price sensitive information.

For further information, please call:

Shoe Zone plc Nick Davis (CEO) Jonathan Fearn (CFO)	Tel: via FTI Consulting
Finncap (Nominated Adviser and Broker) Matt Goode/ Carl Homes / Hannah Boros (Corporate Finance) Alice Lane (ECM)	Tel: [phone]
FTI Consulting Alex Beagley Eleanor Purdon Charlotte Cobb	Tel: [phone]

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

 

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