IndigoVision Group PLC Share Buyback Programme (8959F)
May 23 2017 - 2:00AM
UK Regulatory
TIDMIND
RNS Number : 8959F
IndigoVision Group PLC
23 May 2017
IndigoVision Group plc ("IndigoVision" or the "Company")
Share Buyback Programme
IndigoVision today announces its intention to implement a
discretionary share buyback programme (the "Buyback Programme") of
up to 375,000 ordinary shares (representing approximately 5% of the
current issued share capital), by making market purchases from time
to time, using existing cash resources.
The Board's policy is to maintain a strong balance sheet, with
net cash balances, to provide headroom and flexibility for
investment should the right opportunities arise. However, having
regard to the cash profile of the Company's trading activities; the
persistent gap between the market valuation of the Company and the
Board's assessment of intrinsic value; and the earnings per share
benefit arising from the deployment of surplus cash to retire
equity in the prevailing environment of nominal interest rates, the
Directors consider that implementation of the Buyback Programme on
the terms proposed is in the interests of shareholders as a
whole.
The extent of the Buyback Programme is within the number of
shares permitted pursuant to the general authority renewed at the
Annual General Meeting on 18 May 2017. The Company has reserved the
right either to terminate or to adjust the extent of the Buyback
Programme at any time.
The Company has appointed N+1 Singer Capital Markets Limited
("N+1 Singer") to execute purchases of shares under the Buyback
Programme under its instructions. The maximum price to be paid is
limited to no more than 105 per cent. of the average middle market
closing price of the Company's shares for the 5 dealing days
preceding the date of purchase. Any shares purchased will be held
in treasury.
New Pistoia Income Limited ("New Pistoia") currently holds
through HSBC Global Custody Nominees Limited 2,274,500 Ordinary
Shares, representing 29.89% of the current issued share capital. In
accordance with note 1 to Rule 37.1 of the City Code, the Panel on
Takeovers and Mergers has confirmed that, as New Pistoia has no
Board representation nor any agreement, arrangement or
understanding with any one or more of the Directors such that New
Pistoia either is or is presumed to be acting in concert with any
of the Directors, any increase in New Pistoia's interest in
IndigoVision Ordinary Shares in excess of 30% of the issued
ordinary share capital which arises solely as a result of market
purchases pursuant to the BuyBack Programme will not trigger an
obligation upon New Pistoia to extend an offer to Ordinary
Shareholders under Rule 9 of the City Code.
The Company will make further announcements following the
completion of any share purchases.
For further information contact:
IndigoVision Group plc
Marcus Kneen (CEO) +44 (0)131 475 7200
Chris Lea (CFO)
N+1 Singer - Nominated
Advisor
Sandy Fraser +44 (0)207 496 3000
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014.
Due to liquidity constraints, the purchase of the Company's
shares under the programme on any trading day may represent a
significant proportion of the daily trading volume in the Company's
shares on the Exchange. This may materially exceed the 25 per cent.
limit of the average daily trading volume as referred to in the
safe harbour provisions of Article 5 of the Market Abuse Regulation
596/2014 ("MAR") and the associated Delegated Regulation
2016/1052.
Notes to Editors
About IndigoVision
IndigoVision is a leader in the design and supply of high
performance, highly-intelligent video security systems for security
installations of differing sizes and complexity. From video capture
and transmission to analysis and storage, IndigoVision's networked
video security systems provide the best quality and most secure
video evidence, using market leading compression technology to
minimise bandwidth and reduce storage costs.
IndigoVision's technology is ideally suited for use in mission
critical facilities such as government, oil and gas, transport,
cities, industry, education, police, prisons and casinos to improve
public safety, protect assets, develop organisations' operational
efficiency and support law enforcement.
IndigoVision has sales and support teams in 23 countries and
operates through 18 regional centres, in Edinburgh, London, Paris,
Amsterdam, Dusseldorf, Johannesburg, Dubai, Mumbai, Singapore,
Macau, Shanghai, Sydney, Mexico City, Toronto, Bogotá, New Jersey,
Buenos Aires and Sao Paulo.
IndigoVision partners with a network of some 1,000 trained and
authorised IndigoVision resellers to provide local system design,
installation and servicing to IndigoVision's system users.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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