Business
Initiation of Share Buyback Programme
Initiation of Share Buyback Programme.
About this update from Pharos Energy Plc
[{"type":"text","content":"\n \n \n 20 July 2022\n \n \n Pharos Energy plc\n \n \n (\"Pharos\" or the \"Company\" or, together with its subsidiaries, the \"Group\")\n \n \n \n \n \n \n \n \n Initiation of Share Buyback Programme\n \n \n \n \n \n \n Pharos Energy plc, an independent oil and gas exploration and production company, is pleased to announce the initiation of a share buyback programme (the \"Programme\") to purchase up to approximately US$3 million (excluding stamp duty and expenses) of the Company's ordinary shares of 5p each (\"Ordinary Shares\"). The Programme will commence today and is expected to take three to six months to complete, depending on trading volumes.\n \n \n The Board believes that at the current share price the Company's shares are trading at a material discount to its underlying net asset value. The Board has therefore taken the decision to implement a share buyback programme. The Programme forms part of the Company's broader strategy to deliver value to its shareholders.\n \n \n Purchases of Ordinary Shares under the Programme will be made under the existing authority of the Company to purchase its own shares and in accordance with the parameters approved by shareholders at the annual general meeting held on 19 May 2022 (the \"Existing Authority\"). The Existing Authority permits the purchase of a maximum of 44,260,510 Ordinary Shares.\n \n \n The Programme will be conducted in compliance with European Union (EU) Regulation No 596/2014 (\"MAR\") and the MAR buyback technical standards (Commission Delegated Regulation (EU) 2016/1052) (the \"Technical Standards\"), both of which form part of Retained EU Law as defined in the European Union (Withdrawal) Act 2018. The Company will not seek to rely on the safe harbour conditions for trading set out in Article 3(2) and Article 3(3) of the Technical Standards, given the limited liquidity in the Ordinary Shares and limitations that the conditions would impose on the number of Ordinary Shares that can be purchased\n \n \n The purpose of the Programme is to reduce the Company's issued ordinary share capital by returning capital to shareholders. Ordinary Shares purchased under the Programme will be cancelled. Purchases will be carried out in compliance with the relevant conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations, and...