Press Release |
31 March 2016 |
BrainJuicer Group PLC (AIM: BJU)
("BrainJuicer" or "the Company")
Share Buyback
BrainJuicer, the innovative international market research agency, is pleased to announce its intention to commence, with immediate effect, a share buy-back (the "Buyback") using existing cash resources to make market purchases of up to 1 million of its ordinary shares pursuant to the general authority given to it at the Company's 2015 Annual General Meeting.
Following the full year results announcement on Monday 21 March 2016, and the recent weakness in the share price, and in line with the stated commitment to return excess capital to shareholders, the Board has decided to implement the Buyback. Accordingly, any shareholders wishing to participate in the Buyback should contact the Company's broker Canaccord Genuity Limited. The Buyback shall be effected in such manner and on such terms as the directors of the Company may from time to time determine.
The maximum price to be paid shall not be more than the higher of: (i) 5% above the average middle market closing price of the Company's shares for the 5 business days immediately preceding the day on which the purchase is made; and (ii) that stipulated by article 5(1) of the Buyback and Stabilisation Regulation.
The Buyback will be undertaken until the earlier of all 1 million ordinary shares being repurchased and the Company's 2016 Annual General Meeting on 6 May 2016. Any Shares repurchased will be held in Treasury.
Due to the general illiquidity in trading of BrainJuicer's ordinary shares, in order for the Company to buy back ordinary shares, it will be purchasing materially in excess of the limit of 25 per cent. and/or 50 per cent. of average daily volume in the 20 trading days preceding the date of the purchase as is set out in the Code of Market Conduct and, as such, the Company would be deviating from the safe harbour set out in MAR 1 Annex 1 to the Code of Market Conduct. Should a repurchase exceed either the 25 per cent. or 50 per cent. levels, such repurchase is likely to represent a significant proportion of the daily trading volume.
John Kearon, Chief Executive Officer of the Company, intends to participate in the Buyback. The Buyback will be conducted conditional upon John's interest in the ordinary shares of the Company, and those deemed to be acting in concert with him, not increasing beyond the percentage of voting rights currently held.
The Company will make further announcements in due course following the completion of any purchase of ordinary shares pursuant to the Buyback.
The Company confirms it currently has no unpublished price sensitive information.
For further information, please contact:
BrainJuicer Group PLC |
Tel: +44 (0)20 7043 1000 |
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John Kearon, Chief Executive Officer |
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James Geddes, Chief Financial Officer |
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Canaccord Genuity Limited (Nomad) |
Tel: +44 (0)20 7523 8000 |
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Simon Bridges / Henry Fitzgerald-O'Connor / Emma Gabriel |
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