Genel Energy PLC (GENL) 
Genel Energy PLC: Commencement of share buy-back 
 
25-Jun-2019 / 07:00 GMT/BST 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
                      25 June 2019 
 
           Genel Energy plc 
 
           Commencement of share buy-back 
 
  Genel Energy plc ('Genel' or 'the Company') will commence a share buy-back 
programme of up to $10 million in the period up to and including 5 July 2019 
 (being the last day of trading prior to the Company entering a close period 
                      ahead of its half-year results). 
 
  The programme will be effected in accordance with the authority granted by 
      the shareholders at the most recent AGM, pursuant to which the maximum 
            number of ordinary shares that may be bought back is 27,924,235. 
 
 Genel believes that the current share price does not accurately reflect the 
      value of the Company's assets, and that utilising its balance sheet to 
   repurchase shares represents a value accretive use of its cash resources. 
 
  Genel has ongoing material cash generation from producing assets that more 
  than funds our significant organic growth opportunities - with Sarta, Qara 
          Dagh, Bina Bawi and Miran providing an attractive mix of near-term 
 production and long-term growth potential. Organic growth from our existing 
  portfolio has the potential to significantly increase production in coming 
 years, and the ongoing cash generation led to the instigation of a material 
 and sustainable dividend, as we look to provide investors with a compelling 
                      mix of growth and returns. 
 
 It is currently intended that the purchased shares will be held as treasury 
                      shares. 
 
        Following the share buy-back, Genel will retain more than sufficient 
  liquidity to further add to the strength of the portfolio, and is actively 
                      pursuing opportunities to do so. 
 
     The Company has entered into an agreement with Canaccord Genuity Wealth 
                      Limited to conduct the programme. 
 
    Any buy-back of the Shares pursuant to the Programme will be effected in 
   accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse 
  Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052 
               (and within the meaning of this Regulation the purpose of the 
 
      Programme is to reduce the capital of the Company). The market will be 
     notified in accordance with those rules if and when purchases are made. 
 
           -ends- 
 
                      For further information, please contact: 
 
Genel Energy                          +44 20 7659 5100 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   +44 20 7390 0230 
 
Patrick d'Ancona 
 
This announcement contains inside information. 
 
                      Notes to editors: 
 
       Genel Energy is an independent oil and gas exploration and production 
  company listed on the main market of the London Stock Exchange (LSE: GENL, 
    LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and 
offices in Ankara and Erbil, is one of the largest London-listed independent 
   oil producers, and is the largest holder of reserves and resources in the 
   Kurdistan Region of Iraq. Genel has highly cash-generative oil production 
    from the Taq Taq and Tawke licences, with material growth potential from 
other assets in the portfolio. Genel also continues to pursue further growth 
 opportunities. For further information, please refer to www.genelenergy.com 
                      [1]. 
 
ISIN:          JE00B55Q3P39 
Category Code: MSCH 
TIDM:          GENL 
LEI Code:      549300IVCJDWC3LR8F94 
Sequence No.:  11157 
EQS News ID:   830031 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=830031&site_id=vwd&application_name=news

(END) Dow Jones Newswires

June 25, 2019 02:00 ET (06:00 GMT)

Genel Energy (LSE:GENL)
Historical Stock Chart
From Sep 2024 to Oct 2024 Click Here for more Genel Energy Charts.
Genel Energy (LSE:GENL)
Historical Stock Chart
From Oct 2023 to Oct 2024 Click Here for more Genel Energy Charts.