Share Buyback Programme (9226Y)
March 08 2012 - 2:00AM
UK Regulatory
TIDMCIC
RNS Number : 9226Y
Conygar Investment Company PLC(The)
08 March 2012
8 March 2012
THE CONYGAR INVESTMENT COMPANY PLC
SHARE BUYBACK PROGRAMME
The Board of The Conygar Investment Company PLC ("Conygar" or
the "Company") announces its intention to commence a share buyback
programme (the "Buyback Programme") to acquire up to 2,000,000
Conygar ordinary shares as and when they become available at
volumes and prices that, from time to time, the Board considers
appropriate.
In the context of the current discount of the Conygar share
price to net asset value per share, the principal consideration of
the Board in undertaking the Buyback Programme is that any buyback
enhances net asset value per share for those remaining
shareholders. It is expected that any share purchases will be
financed through the Company's operating cash flow.
Any acquisitions will be effected in accordance with the
Company's general authority to buy back shares and within certain
pre-set parameters, including that the maximum price paid per share
is to be no more than 105 per cent of the average middle market
closing price of a Conygar share for the five business days
preceding the date of acquisition.
In addition, given the level of liquidity in the Company's
shares, the Company may buy back in any one day more than 25 per
cent. of the average daily volume over the preceding 20 business
days.
Any shares acquired under the Buyback Programme will count
towards the Company's currently unused general authority to buy
back shares granted at its Annual General Meeting on 5 January
2012, which provides, inter alia, for shares to be acquired (or
contracted to be acquired) in the period up to the earlier of 4
January 2013 and the conclusion of the Company's next annual
general meeting.
Any shares acquired pursuant to the Buyback Programme will be
cancelled or held in treasury and the acquisition will be notified
to a Regulatory Information Service in accordance with the AIM
Rules for Companies.
Conygar confirms that it currently has no unpublished price
sensitive information.
Enquiries:
The Conygar Investment Company PLC
Robert Ware: 020 7258 8670
Peter Batchelor: 020 7258 8670
Oriel Securities Limited (Nominated Adviser and Broker)
Michael Shaw: 020 7710 7600
Neil Langford: 020 7710 7600
Temple Bar Advisory (Public Relations)
Alex Child-Villiers: 07795 425580
This information is provided by RNS
The company news service from the London Stock Exchange
END
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