Business
Announcement of Share Buy-Back Programme
Announcement of Share Buy-Back Programme.
About this update from Cls Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 9905X CLS Holdings PLC 12 May 2016 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n \n12 May 2016\nCLS Holdings plc\n(\"CLS\" or the \"Company\")\nANNOUNCEMENT OF SHARE BUY-BACK PROGRAMME\n \nCLS today announces the launch of an ordinary share buy-back programme (the \"Programme\") with the objective of reducing the issued ordinary share capital of the Company to enhance its Net Asset Value (\"NAV\") per share. The Company believes the current share price, which is at a significant discount to its last reported NAV per share, does not adequately reflect the value of its property portfolio and development pipeline.\n \nThe Programme will commence with effect from today and will end, unless terminated earlier, on 30 June 2016. The Programme will be conducted in accordance with the authorisation granted to the Company by shareholders at the Annual General Meeting (\"AGM\") held on 20 April 2016. \n \nCLS has appointed Liberum Capital Limited (\"Liberum\") to manage the Programme and has authorised Liberum to effect on-market purchases of ordinary shares of 25 pence each (the \"Ordinary Shares\") on behalf of the Company on the Main Market of the London Stock Exchange plc (the \"Exchange\"). \n \nPursuant to, and during the term of, the Programme, Liberum may purchase Ordinary Shares provided that:\n \n1) the maximum price payable for an Ordinary Share on the Exchange is an amount equal to the higher of:\n \na. 105 per cent. of the average market value of the Company's Ordinary Shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased; or\n \nb. the higher of the price of the last independent trade and the highest current bid stipulated by Article 5(1) of the Commission Regulation (Directive 2003/6/EC) 22 December 2003 implementing the Market Abuse Directive with regard to exemptions for buy back programmes and stabilisation of Financial Instruments (No. 2273/2003); and\n \n2) the aggregate number of Ordinary Shares which may be acquired on behalf of the C...