BowLeven Plc Share Buyback Programme (6935H)
August 19 2016 - 7:37AM
UK Regulatory
TIDMBLVN
RNS Number : 6935H
BowLeven Plc
19 August 2016
19 August 2016
Bowleven plc ('Bowleven' or 'the Company')
Share Buyback Programme
Bowleven, the Africa focused oil and gas exploration group
traded on AIM, is pleased to announce that the Board has approved
the Company carrying out a share buyback programme for a maximum
aggregate consideration of up to US$10 million (the 'Programme').
The Company believes that the Programme is in shareholders'
interests, being accretive to net asset value per share whilst
retaining sufficient financial flexibility to evaluate growth
options.
The Programme will be executed in accordance with the Company's
general authority to make market purchases which was approved by
shareholders at the Company's AGM on 16 December 2015. It is now
the intention of Bowleven to utilise this authority which enables
the purchase of up to a maximum of 48,619,857 ordinary shares of
10p each to reduce the outstanding issued share capital of the
Company. All shares will be purchased on-market on the London Stock
Exchange and held in treasury.
Bowleven has entered into an agreement with its broker Macquarie
Capital (Europe) Limited to carry out purchases of shares under the
Programme on its behalf. Acting within its market purchase
authority, the Company will retain discretion in respect of the
volume, timing and price of shares to be repurchased.
During the course of the Programme, the Company will notify the
market of the number of shares purchased into treasury and the
price paid per share (with the highest and lowest price where
applicable), no later than 7.30am on the business day following the
day on which any purchase of shares occurred under the
Programme.
ENQUIRIES
For further information, please contact:
Bowleven plc
Kevin Hart, Chief Executive 00 44 131 524 5678
Kerry Crawford, Finance Director
Brunswick Group LLP
Patrick Handley 00 44 207 404 5959
Simon Maine
Macquarie Capital (Europe) Limited (Nomad and Broker)
Ken Fleming 00 44 203 037 2000
Nick Stamp
Note: this announcement contains inside information.
Glossary of Terms:
The following are the main terms and abbreviations used in this
announcement:
AGM annual general meeting
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AIM the market of that name operated
by the London Stock Exchange
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Bowleven Bowleven plc (LSE:BLVN) and/or its
subsidiaries as appropriate
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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