Business
Purchases Of Own Shares
Purchases Of Own Shares.
About this update from Hunting Plc
[{"type":"text","content":"\n \n \n RNS Number : 2554E\n Hunting PLC\n 27 February 2020\n \n \n \n \n \n \n \n \n For Immediate Release\n \n \n \n \n 27 February 2020\n \n \n \n \n \n \n \n \n \n \n \n \n \n Hunting PLC\n \n \n \n \n \n (\"Hunting\" or \"the Company\" or \"the Group\")\n \n \n \n \n \n \n Purchases Of Own Shares \n \n \n \n \n \n \n \n \n \n Hunting PLC (the \"Company\") announces its intention to enter into an on-market share buyback programme to purchase up to 2,000,000\n ordinary shares of £0.25 each in the Company (\"Shares\") during open periods arising between 27 February 2020 and 26 February 2021 (the \"Programme\"). The Company has entered into an arrangement with Barclays Bank PLC, acting through its investment bank (\"Barclays\"), in relation to the Programme (the \"Arrangement\"). Share purchases will be made on the Company's behalf and in accordance with the Arrangement. Shares purchased under the Programme will be cancelled and, as a result, will reduce the Company's issued share capital. The Programme is the first in the Company's history, reflecting the Board's belief that the current share price undervalues the Group.\n \n \n \n \n \n \n Share purchases pursuant to the Arrangement will be subject to the terms of the Arrangement with Barclays and in any case will be effected in a manner consistent with both the general authority vested in the Company to repurchase Shares as granted by shareholders at the Company's most recent annual general meeting held on 17 April 2019, the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules, which require that the maximum price paid be limited to be no more than the lower of (i) 105 per cent of the average middle market closing price of the Company's ordinary shares for the five business days before the purchase is made, and (ii) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The aggregate purchase price under this arrangement will not exceed £8,000,000.\n \n \n \n \n \n Further, the Company announces that in parallel to the arrangement noted above, a programme to purchase up to 1,500,000 ordinary shares will also commence separately on the 27 February 2020 by the Group's employee share trust (the \"Trust\"...