Crystal Amber Fund Limited Share Buyback Programme (1048W)
December 08 2023 - 2:00AM
UK Regulatory
TIDMCRS
RNS Number : 1048W
Crystal Amber Fund Limited
08 December 2023
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 to the extent it forms part of the
domestic law of the United Kingdom by virtue of the European Union
(Withdrawal) Act 2018 (as amended by virtue of the European Union
(Withdrawal Agreement) Act 2020). Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
8 December 2023
Crystal Amber Fund Limited
("Crystal Amber Fund", the "Company" or the "Fund")
Share Buyback Programme
Crystal Amber Fund announces that it intends to conduct
on-market purchases under a share buyback programme to repurchase
ordinary shares of 1 penny each in the capital of the Company
("Ordinary Shares"), up to an aggregate amount of GBP5 million,
pursuant to the authority obtained at the Company's annual general
meeting on 22 November 2023 (the "Buyback").
The purpose of the Buyback is to reduce the share capital of the
Company and return cash to shareholders. In addition, the Board of
Crystal Amber Fund notes that the price of Ordinary Shares is
currently significantly below the last reported net asset value per
share of 98.3 pence and believes that the Buyback programme will
help reduce this discount by providing an exit mechanism for
shareholders and reducing the volatility of the share price . The
Buyback will be funded from the Company's existing surplus cash
resources and all Ordinary Shares purchased will be cancelled. The
Company intends to operate the Buyback from the date of this
announcement until 31 January 2024.
The Company has appointed Winterflood Securities Limited
("Winterflood") to execute and manage the Buyback and has given an
irrevocable instruction to Winterflood to make market purchases of
Ordinary Shares on its behalf, independently of the Company.
Winterflood will make its trading decisions in relation to the
Ordinary Shares independently of and uninfluenced by the Company
with such trading decisions being in line with the terms of the
Buyback.
The maximum price which may be paid by the Company per Ordinary
Share shall not be more than the higher of:
a. 105 per cent of the average of the middle market quotations
for an Ordinary Share as derived from the AIM market of the London
Stock Exchange plc for the five business days immediately preceding
the day on which the purchase is made; and
b. the value of an Ordinary Share calculated on the basis of the
higher of the price quoted for (i) the last independent trade of
and (ii) the highest current independent bid for the Ordinary
Shares.
The Company has determined that it will not rely on the safe
harbour conditions for trading set out in Article 5 of EU Market
Abuse Regulation (2014/596/EU) (which forms part of domestic UK law
pursuant to the European Union (Withdrawal) Act 2018) ("UK MAR")
and, accordingly, the Company will not benefit from the exemption
contained in Article 5 of UK MAR, given the limited liquidity in
the Ordinary Shares and limitations that it would impose on the
number of Ordinary Shares that can be purchased. Therefore, the
Company may purchase Ordinary Shares pursuant to the Buyback 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, being the limit laid down in Article 5(1)
of UK MAR.
There is no guarantee that the Buyback programme will be
implemented in full or that any purchases will be made. The Company
reserves the right to bring a halt to the Buyback under
circumstances that it deems to be appropriate and in accordance
with relevant law and regulation.
As at the time of this announcement, the Company's total issued
share capital consists of 99,749,762 Ordinary Shares, of which
16,518,762 Ordinary Shares are held in treasury, and therefore, the
total number of Ordinary Shares carrying voting rights is
83,231,000 .
The above figure of 83,231,000 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.
The Company will make further announcements in due course
following any share purchases conducted through the Buyback.
The Company confirms that, other than as disclosed in this
announcement, it is not currently in possession of any unpublished
inside information.
For further enquiries please contact:
Crystal Amber Fund Limited
Chris Waldron (Chairman)
Tel: 01481 742 742
www.crystalamber.com
Allenby Capital Limited - Nominated Adviser
Jeremy Porter/ Dan Dearden-Williams
Tel: 020 3328 5656
Winterflood Investment Trusts - Broker
Joe Winkley/Neil Langford
Tel: 020 3100 0160
Crystal Amber Advisers (UK) LLP - Investment Adviser
Richard Bernstein
Tel: 020 7478 9080
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