Zytronic PLC Share Buyback (0521C)
17 Febrero 2022 - 10:15AM
UK Regulatory
TIDMZYT
RNS Number : 0521C
Zytronic PLC
17 February 2022
17 February 2022
Zytronic plc
("Zytronic" or the "Company")
Share Buyback
Zytronic, a leading specialist manufacturer of touch sensors, is
pleased to announce t hat it intends to conduct on-market purchases
under a share buyback programme to repurchase up to 1,712,872
ordinary shares of 1p each in the capital of the Company (the
"Ordinary Shares"), representing up to approximately 15.0 per cent
of the Company's current issued share capital, pursuant to the
authorities obtained at the Company's last annual general meeting
("AGM"), and at the general meeting to authorise the Company's
tender offer, both held on 25 February 2021 (the "Buyback").
The purpose of the Buyback is to return cash to shareholders and
to reduce the share capital of the Company. The Buyback will be
funded from the Company's existing surplus cash resources and all
Ordinary Shares purchased will be cancelled. Any purchases made
following the Company's next AGM being held on 3 March 2022 will be
conditional upon shareholder approval of the Company's general
buyback authority being obtained at that meeting and subject to the
limit of 1,141,915 Ordinary Shares, or approximately 10.0 per cent
of the Company's issued share capital at the time of issue of
notice of the 2022 AGM. The Company intends to operate the Buyback
from the date of this announcement until the earlier of the 2023
Annual General Meeting or 31 March 2023.
The Company has appointed Singer Capital Markets Securities
Limited ("Singer Capital Markets") to execute and manage the
Buyback and has given an irrevocable instruction to Singer Capital
Markets to make market purchases of Ordinary Shares on its behalf,
independently to the Company. Singer Capital Markets will make its
trading decisions in relation to the Ordinary Shares independently
of the Company.
The maximum price which may be paid by the Company per Ordinary
Share shall not be more than the higher of 5 per cent above the
average middle market quotations for an Ordinary Share (as derived
from the London Stock Exchange Daily Official List) for the five
business days immediately preceding the date of repurchase.
The Company has determined that it will not rely on the safe
harbour conditions for trading set out in Article 3(2) and Article
3(3) of the Commission Delegated Regulation (EU) 2016/1052 (which
forms part of domestic UK law pursuant to the European Union
(Withdrawal) Act 2018) given the limited liquidity in the Ordinary
Shares and limitations that the conditions would impose on the
number of Ordinary Shares that can be purchased and, as such, the
Company may (a) purchase Ordinary Shares at a price higher than the
higher of the price of the last independent trade and the highest
current independent bid for an Ordinary Share, and (b) purchase 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.
There is no guarantee that the Buyback programme will be
implemented in full or that any purchases will be made.
As at the time of this announcement, the Company's total issued
share capital consists of 11,419,152 Ordinary Shares with one
voting right per share. The Company does not hold any Ordinary
Shares in treasury, therefore, the total number of Ordinary shares
carrying voting rights is 11,419,152 .
The above figure of 11,419,152 may be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the Company under the FCA's Disclosure Guidance
and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
Enquiries:
Zytronic plc
Mark Cambridge, Chief Executive
Claire Smith, Group Finance Director 0191 414 5511
Singer Capital Markets
(Nominated Adviser and Broker)
Aubrey Powell, Rachel Hayes, Amanda Gray 020 7496 3000
About Zytronic
Zytronic is a world-renowned developer and manufacturer of a unique range
of internationally award winning optically transparent interactive touch
sensor overlay products for use with electronic displays in industrial,
self-service and public access equipment.
Zytronic's products employ a sensing solution that is readily configurable
and embedded in a laminate core that offers significant durability, environmental
stability and optical enhancement benefits to system designers specific
requirements.
Zytronic has continually developed process and technological know-how and
IP since the late 1990's around two sensing methodologies; the first being
single touch self-capacitive which Zytronic markets as PCT(TM) ("Projected
Capacitive Technology") and the second being multi-touch, multi-user mutual-capacitive
which Zytronic markets as MPCT(TM) ("Mutual Projected Capacitive Technology"),
in which Zytronic holds five granted patents.
Zytronic operates from a single site near Newcastle-upon-Tyne in the United
Kingdom. Zytronic is relatively unique in the touch eco-system as it offers
a complete one-stop solution from processing internally the form and factor
of the glass substrates, assembles their touch overlay products to customers
specific requirements, in environmentally controlled cleanrooms and develops
the bespoke firmware, software and electronic hardware to link the interactive
overlays to customer's integrated systems and products.
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February 17, 2022 11:15 ET (16:15 GMT)
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