RA International Group PLC Launch of Share Buyback Programme (1816P)
June 08 2020 - 2:00AM
UK Regulatory
TIDMRAI
RNS Number : 1816P
RA International Group PLC
08 June 2020
8 June 2020
This announcement contains inside information
RA INTERNATIONAL GROUP PLC
("RA International" or the "Company")
Launch of Share Buyback Programme
RA International Group PLC (AIM: RAI), a leading provider of
services to remote locations in Africa and the Middle East,
announces that the Board has approved the commencement of a share
buyback programme through which the Company will seek to make
on-market purchases of ordinary shares of GBP0.1 each in the
capital of the Company ("Ordinary Shares") up to a maximum of
5,000,000 Ordinary Shares ("the "Buyback Programme").
The Buyback Programme is being launched with immediate effect
and is intended to provide the Company with a pool of Ordinary
Shares which can primarily be used to incentivise and retain key
Directors, officers and staff, who are critical to enhancing the
future market value of the Company. The first tranche of awards is
expected to be made in the second half of 2020.
In accordance with the resolution passed at the Company's Annual
General Meeting held on 24 June 2019 ("AGM"), purchases can be made
pursuant to the Buyback Programme provided, inter alia, that:
i. the maximum aggregate number of ordinary shares which may be purchased is 17,357,574;
ii. the minimum price (exclusive of expenses) which may be paid
for each ordinary share is GBP0.1;
iii. the maximum price (exclusive of expenses) which may be paid
for any ordinary share does not exceed the higher of: (a) 5% above
the average middle market prices of the ordinary shares on the
London Stock Exchange Daily Official List for the five business
days immediate preceding the date on which the Company agrees to
buy the shares concerned; and (b) the higher of the price of the
last independent trade of any ordinary share and the highest
independent current bid for an ordinary share derived from the
London Stock Exchange at the time the purchase is carried out.
At the time of the AGM the Company indicated that following a
market purchase of its own shares, the shares purchased would be
cancelled. The Company intends to retain the ability to re-issue
any Ordinary Shares acquired through the Buyback Programme in order
to incentivise and retain key Directors, officers and staff and
pursuant to the future exercise of existing options and warrants.
Accordingly, any Ordinary shares acquired as a result of the
Buyback Programme will be held in treasury and their purchase will
be announced to the market without delay.
The Buyback Programme will be independently managed by Cenkos
Securities plc, the Company's broker, which will make trading
decisions independently and without the influence of the
Company.
Due to the liquidity in the issued Ordinary Shares, any Buyback
of Ordinary Shares pursuant to the Company's existing authority on
any trading day may represent a significant proportion of the daily
trading volume in the Ordinary Shares on AIM and may exceed 25 per
cent of the average daily trading volume, being the limit laid down
in Article 5(1) of Regulation (EU) No 596/2014 and, accordingly,
the Company will not benefit from the safe harbour contained in
this Article.
* * * * *
Enquiries:
RA International Group PLC Via Hudson Sandler
Soraya Narfeldt, Chief Executive Officer
Lars Narfeldt, Chief Operating Officer
Andrew Bolter, Chief Financial Officer
Cenkos Securities PLC (Nominated Adviser
and Broker)
Derrick Lee +44 (0)131 220
Peter Lynch 6939
Hudson Sandler LLP (Financial PR & IR) +44 (0)207 796
Daniel de Belder 4133
Bertie Berger rainternational@hudsonsandler.com
About RA International
RA International is a leading provider of services to remote
locations in Africa and the Middle East. The Company offers its
services through three channels: construction, integrated
facilities management and supply chain, and services three main
client groups: humanitarian and aid agencies, governments and
commercial customers, predominantly in the oil and gas and mining
sectors. It has a strong customer base, largely comprising UN
agencies, western governments and global corporations.
The Company provides comprehensive, flexible, mission critical
support to its clients enabling them to focus on the delivery of
their respective businesses and services. Focusing on integrity and
values alongside making on-going investment in its people,
locations and operations has over time created a reliable and
trusted brand within its sector.
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.
END
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