12 August 2024
Crystal Amber Fund
Limited
("Crystal Amber Fund", the "Company" or
the "Fund")
Extension to Share Buyback
Programme
Crystal Amber Fund announces that it
will continue its share buyback programme for the period to 31
October 2024. Since 8 December 2023, £8.4 million has now
been utilised in the programme for the period and from now until to
31 October 2024 the Company intends to continue to conduct
on-market purchases under the share buyback programme to repurchase
ordinary shares of 1 penny each in the capital of the Company
("Ordinary Shares") up to an aggregate amount of
£1.6 million, pursuant to the authority obtained at the Company's
annual general meeting on 22 November 2023 (the "Buyback").
The Company has appointed
Winterflood Securities Limited ("Winterflood") to execute and manage the
Buyback and has given an irrevocable instruction to Winterflood to
make market purchases of Ordinary Shares on its behalf,
independently of the Company. Winterflood will make its trading
decisions in relation to the Ordinary Shares independently of and
uninfluenced by the Company with such trading decisions being in
line with the terms of the Buyback.
The maximum price which may be
paid by the Company per Ordinary Share shall not be more than the
higher of:
a. 105 per cent of the average of the middle market quotations
for an Ordinary Share as derived from the AIM market of the London
Stock Exchange plc for the five business days immediately preceding
the day on which the purchase is made; and
b. the value of an
Ordinary Share calculated on the basis of the higher of the price
quoted for (i) the last independent trade of and (ii) the highest
current independent bid for the Ordinary Shares.
The Company has determined that it
will not rely on the safe harbour conditions for trading set out
in Article 5 of EU Market Abuse Regulation (2014/596/EU)
(which forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) ("UK
MAR") and, accordingly, the Company will not benefit
from the exemption contained in Article 5 of UK MAR, given the
limited liquidity in the Ordinary Shares and limitations that it
would impose on the number of Ordinary Shares that can be
purchased. Therefore, the Company may purchase Ordinary Shares
pursuant to the Buyback on any trading day materially in excess of
25 per cent of the average daily volume in the 20 trading days
preceding the date on which the purchase is carried out, being the
limit laid down in Article 5(1) of UK MAR.
There is no guarantee that the
Buyback programme will be implemented in full or that any purchases
will be made. The Company reserves the right to bring a halt
to the Buyback under circumstances that it deems to be appropriate
and in accordance with relevant law and regulation.
The Company will make further
announcements in due course following any share purchases conducted
through the Buyback.
For further enquiries please
contact:
Crystal Amber
Fund Limited
Chris Waldron (Chairman)
Tel: 01481 742 742
www.crystalamber.com
Allenby
Capital Limited - Nominated Adviser
Jeremy Porter/ Dan Dearden-Williams
Tel: 020 3328 5656
Winterflood
Investment Trusts - Broker
Joe Winkley/Neil Langford
Tel: 020 3100 0160
Crystal Amber
Advisers (UK) LLP - Investment Adviser
Richard Bernstein
Tel: 020 7478 9080