Trinity Exploration & Production Share Buyback (0041A)
September 20 2022 - 6:32AM
UK Regulatory
TIDMTRIN
RNS Number : 0041A
Trinity Exploration & Production
20 September 2022
This announcement contains inside information as stipulated
under the UK version of the Market Abuse Regulation No 596/2014
which is part of English Law by virtue of the European (Withdrawal)
Act 2018, as amended. On publication of this announcement via a
Regulatory Information Service, this information is considered to
be in the public domain.
20 September 2022
Trinity Exploration & Production plc
("Trinity" or "the Group" or "the Company")
Share Buyback
Trinity Exploration & Production plc (AIM: TRIN), the
independent E&P company focused on Trinidad and Tobago ,
announces that it intends to conduct on-market purchases under a
share buyback programme (the "Programme") pursuant to the
shareholder authorities obtained at the Company's last annual
general meeting held on 29 June 2022 ("AGM") to return up to USD
one million to shareholders of the Company. Under the Programme the
maximum aggregate number of ordinary shares of USD 0.01 each
("Ordinary Shares") that can be purchased is 3,887,943 Ordinary
Shares (which represents approximately 10% of the Company's issued
share capital).
The Board of Trinity considers the Company's current market
capitalisation does not reflect an appropriate valuation for the
Company. In addition to its commitment to operational delivery, as
announced in the Interim Results released earlier today, it is the
Company's intention to implement a new Capital Allocation Policy
which is likely to include the payment of a regular dividend and a
share buy-back programme. This modest initial share buyback
programme confirms that intent to further deliver value to the
Company's shareholders.
The Programme, which will be funded from the Company's existing
cash resources, is intended to reduce the share capital of the
Company and will take place within the limitations of the authority
granted by shareholders to the Board of Trinity at the AGM. The
Programme will commence with immediate effect and will, unless
terminated at an earlier date, expire at the conclusion of the 2023
AGM, or 30 June 2023, whichever is earlier (the "Expiry Date").
The minimum price (exclusive of expenses) which may be paid for
each ordinary share is USD 0.01; the maximum price (exclusive of
expenses) which may be paid for any Ordinary Share does not exceed
the higher of: i. 5% above the average middle market price of the
Ordinary Shares on AIM, a market operated by the London Stock
Exchange plc ("AIM") for the 5 business days immediately preceding
the date on which the Company agrees to buy the shares concerned;
and ii. the price of the last independent trade of any Ordinary
Share and the highest independent current bid for an Ordinary Share
on AIM at the time the purchase is carried out. In exercising this
authority the Company may purchase shares using any currency,
including British pounds sterling ("GBP" or "GBP"), United States
Dollars ("USD") and Euros ("EUR").
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 appointed
Cenkos Securities Plc to manage the Programme and make market
purchases of Ordinary Shares on its behalf, independently of the
Company.
Trinity intends to put the repurchased Ordinary Shares into
treasury.
The Company has determined that in conducting the Programme it
will not rely on the safe harbour conditions for trading set out in
Article 3(2) and Article 3(3) of the Commission Delegated
Regulation (EU) 2016/1052 (which forms part of domestic UK law
pursuant to the European Union (Withdrawal) Act 2018) given the
limited liquidity in the Ordinary Shares and limitations that the
conditions would impose on the number of Ordinary Shares that can
be purchased and, as such, the Company may purchase 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.
Purchases may continue during any closed period to which the
Company is subject to from the date of this announcement to the
Expiry Date.
There is no guarantee that the Programme will be implemented in
full or that any purchases will be made.
As at the time of this announcement, the Company's total issued
share capital consists of Ordinary Shares with one voting right per
share. The Company does not hold any Ordinary Shares in treasury,
therefore, the total number of Ordinary Shares carrying voting
rights is 39,884,637 .
The above figure of 39,884,637 Ordinary Shares 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.
Enquiries:
Trinity Exploration & Production plc Via Vigo Consulting
Nick Clayton, Non- Executive Chairman
Jeremy Bridglalsingh, Chief Executive Officer
Julian Kennedy, Corporate Development Manager
SPARK Advisory Partners Limited
(Nominated Adviser and Financial Adviser)
Mark Brady
James Keeshan +44 (0)20 3368 3550
Cenkos Securities PLC (Broker)
Leif Powis +44 (0)20 7397 8900
Neil McDonald +44 (0)131 220 6939
Vigo Consulting Limited trinity@vigoconsulting.com
Finlay Thomson / Patrick d'Ancona +44 (0)20 739 0 0230
About Trinity ( www.trinityexploration.com )
Trinity is an independent oil production company focused solely
on Trinidad and Tobago. Trinity operates producing and development
assets both onshore and offshore, in the shallow water West and
East Coasts of Trinidad. Trinity's portfolio includes current
production, significant near-term production growth opportunities
from low-risk developments and multiple exploration prospects with
the potential to deliver meaningful reserves/resources growth. The
Company operates all of its ten licences and, across all of the
Group's assets, management's estimate of the Group's 2P reserves as
at the end of 2021 was 19.73 mmbbls. Group 2C contingent resources
are estimated to be 47.22 mmbbls. The Group's overall 2P plus 2C
volumes are therefore 66.95 mmbbls.
Trinity is quoted on the AIM market of the London Stock Exchange
under the ticker TRIN.
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