Share buy-backs

RNS Number : 3538K

Character Group PLC

20 September 2016

 

The Character Group plc

("Company")

Share buy-backs

20 September 2016

The Company was granted an authority to buy-back issued ordinary shares of 5 pence each in the Company ("Ordinary Shares") at the Annual General Meeting of the Company held on 22 January 2016 (the "Authority").  Prior to the date of this announcement, the Company has effected share buy-backs pursuant to the Authority in respect of a total of 45,000 Ordinary Shares and currently has an un-utilised capacity under the Authority to buy-back up to a further 3,083,700 issued Ordinary Shares. The buy-back will end, unless terminated earlier, on 20 January 2017 and the maximum amount of money allocated to the share buy-back at this stage is £5 million.

The Company remains committed to its previously stated objective to enhance shareholder value and reserves the right to exercise the Authority and effect further buy-backs if, in the opinion of the directors, such action would further enhance shareholder value.

Due to the limited liquidity in the issued Ordinary Shares, a buy-back 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 the AIM market of the London Stock Exchange 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 will announce any market purchase of Ordinary Shares pursuant to the Authority without delay.

Enquiries:
The Character Group plc Jon Diver, Joint Managing Director Kiran Shah, Joint Managing Director Mark Dowding, Group Finance Director and Company Secretary
Office: [phone] Mobile: [phone] (JD) Mobile: [phone] (KS)  Mobile: [phone] (MD) Email: [e-mail] FTSE sector:  leisure: FTSE AIM All-share: symbol: CCT.L:
Panmure Gordon (Nominated Adviser and Joint Broker) Andrew Godber, Investment Banking Tom Salvesen, Corporate Broking Tel: [phone]
Allenby Capital Limited (Joint Broker] Nick Athanas Katrina Perez Tel: [phone]
TooleyStreet Communications Limited (Investor and media relations) Fiona Tooley Tel:  [phone] Email: [e-mail]

Copies of this statement can be viewed at www.thecharacter.com. 

 

END

 

 

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