Business
Share Buyback
Share Buyback.
About this update from System1 Group Plc
[{"type":"text","content":"\n \nRNS Number : 6564T BrainJuicer Group PLC 31 March 2016 \n\n \n \n \n\n\n\n\nPress Release \n\n\n31 March 2016\n\n\n\n\n \nBrainJuicer Group PLC (AIM: BJU)\n(\"BrainJuicer\" or \"the Company\")\n \nShare Buyback \n \nBrainJuicer, the innovative international market research agency, is pleased to announce its intention to commence, with immediate effect, a share buy-back (the \"Buyback\") using existing cash resources to make market purchases of up to 1 million of its ordinary shares pursuant to the general authority given to it at the Company's 2015 Annual General Meeting.\n \nFollowing the full year results announcement on Monday 21 March 2016, and the recent weakness in the share price, and in line with the stated commitment to return excess capital to shareholders, the Board has decided to implement the Buyback. Accordingly, any shareholders wishing to participate in the Buyback should contact the Company's broker Canaccord Genuity Limited. The Buyback shall be effected in such manner and on such terms as the directors of the Company may from time to time determine.\n \nThe maximum price to be paid shall not be more than the higher of: (i) 5% above the average middle market closing price of the Company's shares for the 5 business days immediately preceding the day on which the purchase is made; and (ii) that stipulated by article 5(1) of the Buyback and Stabilisation Regulation.\n \nThe Buyback will be undertaken until the earlier of all 1 million ordinary shares being repurchased and the Company's 2016 Annual General Meeting on 6 May 2016. Any Shares repurchased will be held in Treasury.\n \nDue to the general illiquidity in trading of BrainJuicer's ordinary shares, in order for the Company to buy back ordinary shares, it will be purchasing materially in excess of the limit of 25 per cent. and/or 50 per cent. of average daily volume in the 20 trading days preceding the date of the purchase as is set out in the Code of Market Conduct and, as such, the Company would be deviating from the safe harbour set out in MAR 1 Annex 1 to the Code of Market Conduct. Should a repurchase exceed either the 25 per cent. or 50 per cent. levels, such repurchase is likely to represent a significant proportion of the daily trading volume.\n \nJohn Kearon, Chief Executive Officer of...