Intention to repurchase shares
05 Mayo 2009 - 1:00AM
UK Regulatory
TIDMBRST
RNS Number : 6253R
Burst Media Corporation
05 May 2009
5 May 2009
Burst Media Corporation ("Burst" or the "Company")
Intention to repurchase shares
Further to the repurchase by the Company of 9,800,000 common shares of US$0.01
each ("Burst Shares") on 21 January 2009, the Company announces that it has been
authorised by the Burst Board to make additional on-market purchases of Burst
Shares up to an aggregate market value of US$500,000 (the "Repurchases"). It is
intended that any Burst Shares repurchased pursuant to this authorisation will
be cancelled.
The Repurchases are intended to return capital which is deemed by the Board to
be surplus to the Company's current requirements and to provide Burst
shareholders with an amount of liquidity. The Board notes that Burst Shares are
currently trading at a level which is below the amount per Burst Share of the
Company's net cash balances which, at 31 March 2009, were US$10.7 million.
The Board has again appointed a committee to oversee the Repurchases and has
imposed the following parameters:
+-----+----------------------------------------------------------------------+
| * | Repurchases should only be effected when the Company is not in a |
| | "close period"; |
+-----+----------------------------------------------------------------------+
| * | The maximum price paid per Burst Share should be no higher than five |
| | per cent above the average closing market price of a Burst Share for |
| | the five business days prior to the day any repurchase is made; and |
| | |
+-----+----------------------------------------------------------------------+
| * | Repurchases should be notified by the Company without delay. |
+-----+----------------------------------------------------------------------+
For the avoidance of doubt, the Company will not repurchase any Burst Shares
from members of the Board. The Company confirms that there is currently no
unpublished price sensitive information.
It should be noted that the City Code on Takeovers and Mergers does not apply to
the Company.
Jarvis Coffin, Chief Executive Officer of Burst, commented:
"The Board, having prudently considered the ongoing cash requirements of the
Company, is pleased to be in a position to authorise the return of additional
capital to shareholders."
Enquiries:
+-------------+-----------------+
| Burst | |
| Media | |
| Corporation | |
+-------------+-----------------+
| Jarvis | Tel: |
| Coffin, | +1 781 852 5271 |
| Chief | |
| Executive | |
| Steve | |
| Hill, | |
| Chief | |
| Financial | |
| Officer | |
+-------------+-----------------+
| | |
+-------------+-----------------+
| Altium | |
+-------------+-----------------+
| Tim | Tel: |
| Richardson | +44 |
| / Paul | (0) 20 |
| Chamberlain | 7484 4040 |
+-------------+-----------------+
| | |
+-------------+-----------------+
| Hudson | |
| Sandler | |
+-------------+-----------------+
| Nick | Tel: |
| Lyon / | +44 |
| James | (0) 20 |
| White | 7796 4133 |
+-------------+-----------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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