Business
Resumption of share buy-back
Resumption of share buy-back.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \nGenel Energy PLC (GENL)Genel Energy PLC: Resumption of share buy-back08-Aug-2019 / 07:00 GMT/BSTDissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n8 August 2019\n\n \n\nGenel Energy plc\n\n \n\nResumption of share buy-back\n\n \n\nGenel Energy plc ('Genel' or 'the Company') will resume a share buy-back programme of up to $10 million, as previously announced on 25 June 2019, in the period up to and including 17 September 2019. The Company previously purchased shares to a total of just under $3 million. The programme will be effected in accordance with the authority granted by the shareholders at the most recent AGM, pursuant to which the maximum number of ordinary shares that may be bought back is 27,924,235. \n\n \n\nGenel believes that the current share price significantly undervalues the Company's assets, and that utilising its balance sheet to repurchase shares represents a value accretive use of its cash resources. \n\n \n\nIt is currently intended that the purchased shares will be held as treasury shares.\n\n \n\nCanaccord Genuity Wealth Limited will continue to conduct the programme.\n\n \n\nAny buy-back of the Shares pursuant to the Programme will be effected in accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 (and within the meaning of this Regulation the purpose of the Programme is to reduce the capital of the Company). The market will be notified in accordance with those rules if and when purchases are made.\n\n \n\n-ends-\n\n \n\nFor further information, please contact: \n\n \n\n\n Genel Energy\n\n Andrew Benbow, Head of Communications\n \n \n +44 20 7659 5100\n \n \n  \n \n \n  \n \n \n Vigo Communications\n\n Patrick d'Ancona \n \n \n +44 20 7390 0230\n \n  \n\nThis announcement contains inside information.\n\n \n\nNotes to editors:\n\n \n\nGenel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London...