Allied Minds PLC Share Buyback Programme (7967G)
November 17 2022 - 6:16AM
UK Regulatory
TIDMALM
RNS Number : 7967G
Allied Minds PLC
17 November 2022
17 November 2022
Allied Minds Plc
("the "Company")
Share Buyback Programme
Allied Minds plc (LSE: ALM, "the Company") announces the
commencement of a share buyback programme. The purpose of the
buyback programme is to satisfy the Company's obligations arising
from its 2014 Long Term Incentive Plan ("LTIP").
The programme is expected to purchase up to a maximum aggregate
consideration of GBP225,000 of the Company's ordinary shares
("Buyback Programme"). Share purchases will take place in open
market transactions and may be made from time to time depending on
market conditions, share price, trading volume and other
factors.
The Company has entered into non-discretionary instructions with
Numis Securities Limited ("Numis") to execute the purchase of the
Company's shares on behalf of the Company within certain set
parameters and to make trading decisions independently of the
Company.
As announced by the Company on 2 November 2022, following the
passing of the resolution by shareholders in a general meeting to
cancel the listing of the ordinary shares of the Company ("Shares")
on the Official List of the Financial Conduct Authority ("FCA") and
the trading thereof on the main market of the London Stock Exchange
the last day of dealings of the Shares on the Main Market will be
Tuesday 29 November 2022. Cancellation of the listing of the Shares
on the Official List of the FCA is expected to take effect at 8:00
am on Wednesday 30 November 2022. Accordingly, the Buyback
Programme will run from the date of this announcement until on or
before 29 November 2022.
The Buyback Programme is in accordance with Allied Minds'
general authority to purchase a maximum of 23,965,027 Ordinary
Shares, granted by its shareholders at the Annual General Meeting
held on 27 July 2022. Shares purchased under the Buyback Programme
will be held in treasury until transferred by the Company to
directors and employees in satisfaction of awards under the
LTIP.
The Buyback Programme will be effected within the parameters of
the Market Abuse Regulation 596/2014/EU and the Commission
Delegated Regulation 2016/1052/EU (as in force in the UK from time
to time, including where relevant pursuant to the Market Abuse
(Amendment)(EU Exit) Regulations 2019). The Group confirms that it
currently has no other unpublished price sensitive information.
Due to the limited liquidity in the Shares, a buyback of Shares
pursuant to the Buyback Programme on any given trading day may
represent a significant proportion of the daily trading volume in
the Shares on the London Stock Exchange and may exceed 25 per cent
of the average daily trading volume and, accordingly, the Company
may not benefit from the exemption contained in Article 5(1) of
Regulation (EU) No. 596/2014.
The Company will make further regulatory announcements to
shareholders in respect of purchases of Ordinary Shares by the
Company as they occur.
Bruce Failing, Interim Chairman stated: "The share price has
declined since the potential delisting was announced. In this
context, we have resolved to meet our share award obligations by
buying back shares instead of issuing new ones."
"The Board intends to hold an investor update in mid-December
and will communicate details to shareholders in due course."
FOR FURTHER INFORMATION, PLEASE CONTACT:
Allied Minds plc c/o Instinctif Partners
JTC (UK) Limited - Company Secretary 0203 846 9774
Christopher Gibbons christopher.gibbons@jtcgroup.com
Instinctif Partners - Communications
Tim Linacre / Rozi Morris / Joe alliedminds@instinctif.com
Quinlan
The Company's LEI is 213800YB4G7YN21NLL72
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