Business
Update on Share Buyback Programme
Update on Share Buyback Programme.
About this update from Gulf Keystone Petroleum Limited
[{"type":"text","content":"\n \nRNS Number : 3852A Gulf Keystone Petroleum Ltd. 21 January 2020 \n\n \n21 January 2020\n \nGulf Keystone Petroleum Ltd. (LSE: GKP)\n(\"Gulf Keystone\", \"GKP\" or \"the Company\")\n \nUpdate on Share Buyback Programme\nGulf Keystone Petroleum announces its intention to immediately start making market purchases for the remaining $10 million of Gulf Keystone common shares (the \"Final Amount\") under the $25 million buyback programme announced on 10 December 2019 (the \"Further Buyback Programme\") once the initial $15 million (the \"Initial Amount\") share buyback programme is completed.\nAs at 20 January 2020, Gulf Keystone has repurchased 3,751,887 common shares at a VWAP of 205.16 pence per share equivalent to an amount of $10.08 million out of the Initial Amount. The Company's issued share capital consists of 217,529,859 common shares plus 11,899,707 common shares held in treasury.\nThe Buyback Programme is aligned with the Company's focus on capital allocation and will be an accretive use of funds whilst not impacting the Company's ability to continue the execution of its existing investment programme. The Buyback Programme is being executed in accordance with the Company's general authorities to make on market purchases which was approved by shareholders at the Company's Annual General Meeting (\"AGM\") on 21 June 2019.\nThe Company has entered into an agreement with its brokers Canaccord Genuity Limited (\"Canaccord Genuity\") and Peel Hunt LLP (\"Peel Hunt\") (together the \"Brokers\") to carry out purchases of the Final Amount under the Buyback Programme on its behalf on an irrevocable and non-discretionary basis. The Brokers will make their trading decisions under the Buyback Programme independently of, and uninfluenced by, the Company. \n \nThe Buyback Programme will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters, including the safe harbour provisions set out in the Market Abuse Regulation 596/2014 (\"MAR\") the Commission Delegated Regulation (EU) 2016/1052 and the applicable laws and regulations of the London Stock Exchange. The Buyback Programme will be undertaken until the earlier of the Final Amount being repurchased or the 2020 AGM. Any shares repurchased will be held in treasury. \n \nThe Company will make announc...