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. 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

POSBLGDDXGBDGDR

(END) Dow Jones Newswires

February 17, 2022 11:15 ET (16:15 GMT)

Zytronic (LSE:ZYT)
Gráfica de Acción Histórica
De Jul 2022 a Ago 2022 Haga Click aquí para más Gráficas Zytronic.
Zytronic (LSE:ZYT)
Gráfica de Acción Histórica
De Ago 2021 a Ago 2022 Haga Click aquí para más Gráficas Zytronic.