Business
Share buyback Programme
Share buyback Programme.
About this update from Gamma Communications Plc
[{"type":"text","content":"\n\n25 March 2025\nGamma Communications plc\n(\"Gamma\" or the \"Company\")\nShare buyback Programme\nGamma Communications plc, a leading provider of technology-based communication solutions across Europe, announces a share buyback programme to purchase ordinary shares of 0.25 pence each in the Company (\"Ordinary Shares\") for an aggregate purchase of up to £50 million (the \"Buyback Programme\"), within certain pre-set parameters. The Ordinary Shares acquired under the Buyback Programme will either be cancelled or held in treasury as described below..\nThe Company has instructed Peel Hunt LLP (\"Peel Hunt\"), the Company's Nominated Adviser and Joint Broker, to conduct the Buyback Programme on its behalf. The Buyback Programme will be effected within certain pre-set parameters, including that the maximum price paid per Ordinary Share shall be 105 per cent. of the average trailing 5-day mid-market closing price, in accordance with the authority granted at Gamma's 2024 annual general meeting (\"AGM\") to purchase a maximum of 9,685,669 Ordinary Shares with 1,910,596 Ordinary Shares previously purchased under this authority.\nThe Buyback Programme will be effective from the date of this announcement and will expire on Monday 30 June, subject to reapproval of the relevant share purchase authorities at the forthcoming AGM on 14 May 2025, or earlier, if the maximum aggregate consideration of £50 million has been reached.\nA buyback of Ordinary Shares on any trading day may represent a significant proportion of the daily trading volume and may exceed 25 per cent. of the average daily trading volume. Accordingly, the Company will not benefit from the exemption contained in Article 5(1) of the UK version of the Market Abuse Regulation (Regulation (EU) No 596/2014) as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"UK MAR\").\nThe purpose of the Buyback Programme is to reduce the Company's share capital (any Shares repurchased for this purpose will be cancelled) and to enable the Company to meet obligations arising from share option programmes (any Shares repurchased for this purpose will be held in treasury).\nThe Company will make further announcements in due course following the completion of any repurchases as required by UK MAR. The Company is satisfied that it is not currently in a closed...