7 May 2024
Nexxen
International Ltd.
("Nexxen"
or the "Company")
Launch of New $50 Million
Ordinary Share Repurchase Program
The Ordinary Share
repurchase program will be financed through existing cash resources
and will begin on 7 May 2024
Nexxen International Ltd.
(AIM/NASDAQ: NEXN) ("Nexxen" or the "Company"), a global, unified
advertising technology platform with deep expertise in video and
Connected TV ("CTV"), announces that, further to the announcement
on 15 March 2024 and following the expiration of the creditor
objection period which resulted in no objections and the amendment
to the Credit Agreement, as previously announced on 10 April 2024,
the Company (directly and through its subsidiaries) will begin a
new repurchase program today for a further $50 million of its
Ordinary Shares from time to time.
The Company's Board of Directors
also indicates that, should the Company's Ordinary Shares continue
to trade at prices the Company believes reflect discounted
valuation levels, and if the Company remains cash generative in the
future, it will consider launching additional future share
repurchase programs following the completion of the newly launched
$50 million Ordinary Share repurchase program. The Company's Board
of Directors believes repurchasing the Company's shares at what it
believes reflects discounted valuation levels represents a strong
investment opportunity that can generate long-term value for its
shareholders.
About the Ordinary Share
Repurchase Program
·
The Ordinary Shares will be repurchased on the AIM
Market and the repurchase program will be financed through existing
cash reserves.
·
The repurchase program will begin on 7 May 2024
and will continue until the earlier of 1 November 2024, or until it
has been completed.
·
The repurchase program will be independently
managed by Cavendish Capital Markets Limited, the Company's AIM
broker, which will make trading decisions independently and without
the influence of the Company, pursuant to the engagement entered
into and announced on 15 March 2024.
·
The maximum price paid per Ordinary Share is to be
no more than 105% of the average middle market closing price of an
Ordinary Share on AIM for the five business days preceding the date
of purchase.
·
Share repurchases will be made in accordance with
applicable securities laws and regulations, and any Ordinary Shares
acquired as a result of the repurchase program will be announced to
the market without delay.
·
Any Ordinary Shares acquired by the Company as a
result of the repurchase program will be reclassified as dormant
shares under the Israeli Companies Law (without any rights attached
thereon) and will be held in treasury.
·
Any Ordinary Shares acquired by a subsidiary of
the Company as a result of the repurchase program will not be
reclassified as dormant shares under the Israeli Companies Law, but
such Company subsidiary will not have any voting rights with
respect to the acquired Ordinary Shares.
·
The share repurchase program does not obligate
Nexxen to repurchase any particular amount of Ordinary Shares and
the program may be suspended, modified, or discontinued at any time
at the Company's discretion (if not in a close period), subject to
applicable law.
·
Due to the limited liquidity in the issued
Ordinary Shares, any repurchase of Ordinary Shares on any trading
day may represent a significant proportion of the daily trading
volume in the Ordinary Shares on AIM and may exceed 25% of the
average daily trading volume, being the limit laid down in Article
5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company
will not benefit from the exemption contained in this
Article.
For further information please
contact:
Nexxen International
Ltd.
Billy Eckert, Vice President of Investor
Relations
ir@nexxen.com
Caroline Smith, Vice President of
Communications
csmith@nexxen.com
KCSA (U.S. Investor
Relations)
David Hanover, Investor
Relations
nexxenir@kcsa.com
Vigo
Consulting (U.K. Financial PR & Investor
Relations)
Jeremy Garcia / Peter Jacob / Aisling
Fitzgerald
Tel: +44 20 7390 0230
or nexxen@vigoconsulting.com
Cavendish Capital Markets
Limited
Jonny Franklin-Adams / Charlie Beeson / George
Dollemore (Corporate Finance)
Tim Redfern / Harriet
Ward (ECM)
Tel: +44 20 7220 0500
About Nexxen
Nexxen empowers advertisers,
agencies, publishers and broadcasters around the world to utilize
video and Connected TV in the ways that are most meaningful to
them. Comprised of a demand-side platform (DSP), supply-side
platform (SSP), ad server and data management platform (DMP),
Nexxen delivers a flexible and unified technology stack with
advanced and exclusive data at its core. Our robust capabilities
span discovery, planning, activation, measurement and optimization
- available individually or in combination - all designed to enable
our partners to reach their goals, no matter how far-reaching or
hyper niche they may be. For more information,
visit www.nexxen.com.
Nexxen is headquartered in Israel
and maintains offices throughout the United States, Canada, Europe
and Asia-Pacific, and is traded on the London Stock Exchange (AIM:
NEXN) and NASDAQ (NEXN).
Forward Looking
Statements
This press release contains
forward-looking statements, including forward-looking statements
within the meaning of Section 27A of the United States Securities
Act of 1933, as amended, and Section 21E of the United States
Securities and Exchange Act of 1934, as amended. Forward-looking
statements are identified by words such as "anticipates,"
"believes," "expects," "intends," "may," "can," "will,"
"estimates," and other similar expressions. However, these words
are not the only way Nexxen identifies forward-looking statements.
All statements contained in this press release that do not relate
to matters of historical fact should be considered forward-looking
statements, including without limitation statements regarding the
Company's Ordinary share repurchase programs, and potential future
share repurchase programs, and any benefits thereof. These
statements are neither promises nor guarantees but involve known
and unknown risks, uncertainties and other important factors that
may cause Nexxen's actual results, performance or achievements to
be materially different from its expectations expressed or implied
by the forward-looking statements, including, but not limited to,
the following: negative global economic conditions; global
conflicts and war, including the current terrorist attacks by
Hamas, and the war and hostilities between Israel and Hamas and
Israel and Hezbollah, and how those conditions may adversely impact
Nexxen's business, customers, and the markets in which Nexxen
competes. Nexxen cautions you not to place undue reliance on these
forward-looking statements. For a more detailed discussion of these
factors, and other factors that could cause actual results to vary
materially, interested parties should review the risk factors
listed in the Company's most recent Annual Report on Form 20-F,
filed with the U.S. Securities and Exchange Commission
(www.sec.gov) on March 6, 2024. Any forward-looking statements made
by Nexxen in this press release speak only as of the date of this
press release, and Nexxen does not intend to update these
forward-looking statements after the date of this press release,
except as required by law.
Nexxen, and the Nexxen logo are
trademarks of Nexxen International Ltd. in the United States and
other countries. All other trademarks are the property of their
respective owners. The use of the word "partner" or "partnership"
in this press release does not mean a legal partner or legal
partnership.