Business
Share Buyback Programme announced
Share Buyback Programme announced.
About this update from Agronomics Limited
[{"type":"text","content":"\n\n22 September 2023\nAgronomics Limited\n(\"Agronomics\" or the \"Company\")\nShare Buyback Programme announced\nThe Board of Agronomics announces that it will execute an on-market Share buyback programme for an aggregate amount of up to £3 million (the \"Buyback Programme\"). The term of the Buyback Programme shall be 6 months, commencing on 2 October 2023. The Company intends to cancel any repurchased Shares under the programme unless used to cover obligations under share-based remuneration arrangements.\nThe Board notes that the price of the Company's Shares is currently significantly below the last reported net asset value per share (\"NAV Per Share\") of 15.8 pence and believes that the Buyback Programme will help reduce this discount. In particular, as reported on 2 August 2023, the Company's unaudited NAV Per Share as at 30 June 2023 was 15.8 pence per share (whereas the price of the Company's shares at close of business on 19 September 2023, was 9.9 pence per share, a discount of approximately 37.3%). The Company reports NAV Per Share on a quarterly basis within 90 days of the end of each calendar quarter (\"Quarterly NAV Statement\").\nThe Buyback Programme will be executed within the limitations of the existing authority in the Company's Articles of Association. The Board will authorise each buyback transaction during the Buyback Programme which will be undertaken by Cavendish Securities Plc as the Company's joint broker and each such transaction will be reported and announced once executed.\nThe Company has determined that in conducting the Buyback Programme it will not rely on the safe harbour conditions for trading set out in Article 3(2) and Article 3(3) of the Commission Delegated Regulation (EU) 2016/1052 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) and, as such, the Company may purchase on any trading day materially in excess of 25 per cent of the average daily volume in the 20 trading days preceding the date on which the purchase is carried out.\nThe terms of the Buyback Programme are set out below:\n\n\n\nName of Programme\n\n\n2023 Share Buyback Programme\n\n\n\n\nPurpose of the Programme\n\n\nTo reduce the capital of the issuer\n\n\n\n\nDuration of the Programme\n\n\n2 October 2023 to 29 March 2024\n\n\n\n\nMaximum amount allocated to the Programme\n\n\n£3.0 mi...