Share Repurchase

RNS Number : 2358A

Catalyst Media Group PLC

18 December 2014

 



18 December 2014

Catalyst Media Group plc

("CMG" or the "Company")

Share Repurchase

On 17 December 2014, the Company purchased, in the market, 2,707,044 ordinary shares of 10p each in CMG ("Ordinary Shares") at a price of 45 pence per Ordinary Share.  The purchased Ordinary Shares will be held in treasury by the Company until further notice.

Of the Ordinary Shares repurchased, 375,000 Ordinary Shares were repurchased from a shareholder to which Harwood Capital LLP ("Harwood Capital") acts as the investment manager.  In addition, Harwood Capital acts as the investment manager to Oryx International Growth Fund Limited ("Oryx") which is interested in 3,125,000 Ordinary Shares and accordingly Harwood Capital is a substantial shareholder and a related party of the Company under the AIM Rules for Companies ("AIM Rules").  In addition, Christopher Mills, a Director of CMG, is also the Chief Investment Officer of Harwood Capital.  Accordingly the repurchase of such Ordinary Shares is a related party transaction under the AIM Rules.  The Directors of CMG, other than Mr Mills, having consulted with the Company's nominated adviser, Strand Hanson Limited, consider that the terms of the repurchase are fair and reasonable insofar as its shareholders are concerned.

Following the repurchase, the Company has 24,436,357 Ordinary Shares remaining in issue (excluding treasury shares), which is the total number of voting rights and may be used by shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change in their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.  The total number of Ordinary Shares now held in treasury is 3,209,316.

Accordingly, following the repurchase, Harwood Capital as investment manager to Oryx which is interested in 3,125,000 Ordinary Shares, is interested in Ordinary Shares representing approximately 12.8% of the Company's issued share capital following the repurchase.

Enquiries:

Catalyst Media Group plc

Michael Rosenberg, Non-Executive Chairman

[phone]

Strand Hanson Limited

James Harris

Richard Tulloch

Angela Hallett

[phone]

 

END

 

 

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