Gattaca PLC Launch of Share Buy-back (8382J)
21 Agosto 2023 - 1:00AM
UK Regulatory
TIDMGATC
RNS Number : 8382J
Gattaca PLC
21 August 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR").
21 August 2023
Gattaca plc
("Gattaca" or "the Group")
Launch of Share Buy-back
Gattaca plc ("Gattaca" or the "Group"), the specialist staffing
solutions business, today announces its intention to make a series
of share repurchases with a view to returning up to GBP0.5 million
to shareholders (the "Share Buy-back").
As confirmed in its recent trading update, released on 16 August
(the "Trading Update"), the Group exited its 2023 financial year
with a strong balance sheet; reporting unaudited statutory net cash
at 31 July 2023 of GBP21m (31 July 2022: GBP12m). This follows a
year of internal improvements and cost rebalancing, as a result of
which the Group enters FY24 as a leaner, more efficient and
productive business, poised to take advantage of improvements in
market conditions.
The Board has remained committed to reinstating its dividend
once the Group returned to sustained levels of profitability, and
in the Trading Update confirmed its intention to pay a full-year
ordinary dividend of 2.5 pence. Alongside the ordinary dividend,
the Board also confirmed its intention to provide one-off capital
distributions; by way of a special dividend and the Share
Buy-back.
Accordingly, the Company today confirms the launch of the Share
Buy-back, to repurchase ordinary shares in the capital of the
Company ("Ordinary Shares") up to an aggregate value of GBP0.5
million. This Share Buy-back programme follows a similar programme
launched in April 2023, which also successfully returned a total of
GBP0.5 million to shareholders (the "April Buy-back").
The Share Buy-back will be operated in accordance the terms of
the Company's general authority to repurchase Ordinary Shares
granted by shareholders at its annual general meeting (the "AGM"),
held on 6 December 2022.
In accordance with the authority granted at the AGM; a) the
aggregate number of Ordinary Shares to be repurchased will not
exceed 2,782,042 (being the remaining balance of the shareholder
authority following completion of the April Buy-back); b) the
minimum price which may be paid for each Ordinary Share will be
GBP0.01; and c) the maximum price (excluding expenses) which may be
paid for each Ordinary Share will be 105% of the average middle
market quotations for an Ordinary Share as derived from the AIM
appendix to the Daily Official List of the London Stock Exchange
plc for the five business days immediately preceding the day on
which the Ordinary Share is contracted to be purchased.
The Company intends to limit (but retains discretion over) the
number of Ordinary Shares repurchased daily, such that the
aggregate price paid (being the total number of Ordinary Shares
repurchased multiplied by the average price paid for each Ordinary
Share, including expenses) on any given trading day is expected to
not exceed GBP50,000.
Shareholders should be aware that a purchase of Ordinary Shares
by the Company on any trading day may represent a significant
proportion of the daily trading volume in the Ordinary Shares and
could exceed 25 per cent. of the average daily trading volume of
the preceding 20 business days. Should that be the case, the
Company could exceed the pricing and/or volume restrictions as
established by the Commission Delegated Regulation 2016/1052/EU (as
in force in the UK and as amended by the FCA's Technical Standards
(Market Abuse Regulation) (EU Exit) Instrument 2019) (the
"Regulation") and therefore the Share Buy-back may not fall within
the safe harbour provisions of the Regulation.
As part of the Share Buy-back, Liberum Capital Limited, the
Company's broker, has been appointed to purchase the Ordinary
Shares as principal. Ordinary Shares purchased pursuant to the
Share Buy-back will be cancelled.
For further information please contact:
Gattaca plc +44 (0) 1489 898989
Matthew Wragg, Chief Executive Officer
Oliver Whittaker, Chief Financial
Officer
Liberum Capital Limited (Nomad and
Broker) +44 (0) 20 3100 2000
Lauren Kettle
Richard Lindley
IFC Advisory +44 (0) 203 934 6630
Tim Metcalfe
Graham Herring
Florence Chandler
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