Business
Exercise of Options and Buyback of Option Shares
Exercise of Options and Buyback of Option Shares.
About this update from System1 Group Plc
[{"type":"text","content":"\n \nRNS Number : 1958H System1 Group PLC 09 March 2018 \n\n \n \n\n\n\n\nPress Release \n\n\n9 March 2018\n\n\n\n\n \n \nSystem1 Group PLC (AIM: SYS1)\nformerly BrainJuicer Group PLC\n(\"System1\", or \"the Company\", or \"the Group\")\n \nExercise of Options \nand Buyback of Option Shares\n \nThe Company announces that on 8 March 2018, following the exercise of share options by option holders, including a PDMR, it transferred 22,598 ordinary shares of 1 pence each in the Company (\"Ordinary Shares\") which were previously held in treasury to the option holders. Such options were due to expire on 11 March 2018.\n \nThe PDMR, Orlando Wood, exercised options over 12,000 Ordinary Shares and intends to retain those shares.\n \nFollowing the above transactions, the Company holds 739,750 Ordinary Shares as treasury shares and its total number of Ordinary Shares with voting rights is now 12,487,023.\n \nThe Company also announces a share buyback to make market purchases of up to 10,598 of these option shares using existing cash resources of up to £40,000 (\"Share Repurchases\") prior to 15 March 2018. This amount is within the amount permitted pursuant to the general authority given to it at the Company's 2017 Annual General Meeting. \n \nThe Share Repurchases shall not be executed at a price higher than the higher of the price of the last independent trade and the highest current independent purchase bid on the London Stock Exchange at the time the purchase is carried out.\n \nDue to the general illiquidity in trading of System1's shares, in order for the Company to effect the Share Repurchases, it will likely be purchasing materially in excess of the limit of 25 per cent. of the average daily volume in both the month preceding this announcement and the 20 trading days preceding the date of the purchase as is set out in the Commission Delegated Regulation (EU) 2016/1052 and, as such, the Company would be deviating from the safe harbour set out in Article 5(1) of the Market Abuse Regulation (Regulation 596/2014). Should a repurchase exceed the 25 per cent. level, such repurchase is likely to represent a significant proportion of the daily trading volume.\n \nThe Company will make further announcements in due course following the completion of any Share Repur...