25
October 2024
INTERCEDE GROUP
plc
('Intercede', the 'Company'
or the 'Group')
Share Buyback
Programme
Intercede, the leading cybersecurity software
company specialising in digital
identities, today announces the launch of a
share buyback programme to acquire ordinary shares of 1 pence each
in the capital of the Company ("Ordinary Shares") up to the gross value
of £1,000,000 (the "Programme" or the "Buyback").
With the current uncertainty in the
AIM market regarding HM's Government Autumn Budget on 30 October
2024, relating to potential changes to Inheritance Tax legislation,
the possible removal of Business Property Relief for qualifying
companies quoted on AIM and the resultant Company's share price
volatility, the Board have decided to commence a Buyback
programme.
The Board takes a disciplined
approach to investment, returns and the capital efficiency of the
Group to maximise shareholder value with a focus on the continued
execution of its strategy, combining organic growth with the
potential to complement this growth with M&A. Furthermore, the
Board believes that the Group's strong balance sheet and cash
generation provides the opportunity to take advantage of current
market conditions to repurchase shares to hold in treasury for the
purpose of satisfying future obligations in relation to its
employees' or other share schemes and improve shareholder
returns.
The Buyback is in accordance with
the terms of the Company's authority to make market purchases of
its own ordinary shares of 1 pence each in the capital of the
Company granted to it by shareholders on 25 September 2024 (the
"Authority"), including
that the maximum price paid per Ordinary Share is to be no more
than 105 percent. of the average middle market closing price of an
Ordinary Share for the five business days preceding the date of any
purchase.
The Buyback commences today
and will then end on 31 December 2024
(subject to earlier termination in the event the full £1,000,000 is
expended). The Company has instructed
Cavendish Capital Markets Limited ("Cavendish") to act as sole
administrator to execute and manage the Buyback on its
behalf and has given irrevocable
instructions to Cavendish to make market purchases of Ordinary
Shares on its behalf, independently of the Company. Cavendish will
make trading decisions in relation to the Ordinary Shares
independently of and uninfluenced by the Company with such trading
decisions being in line with the terms of the
Buyback.
Shareholders should be aware that
the Buyback will, insofar as is possible, be conducted in
accordance with the safe harbour parameters of MAR (as defined
below); however, the Buyback may on any given trading day represent
a significant proportion of the daily trading volume in the
Ordinary Shares on the London Stock Exchange and could exceed 25
per cent of the average daily trading volume. Accordingly, the
Company may not benefit from the exemption contained in Article
5(1) in the UK version of the Market Abuse Regulations (Regulation
(EU) No 596/2014) as incorporated into UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR").
Any market purchase of Ordinary
Shares pursuant to the Buyback will be announced no later than
7.30am on the business day following the day on which the purchase
occurred.
ENQUIRIES
|
Intercede Group plc
|
Tel.
+ 44 (0)1455 558111
|
|
Klaas van der Leest
|
CEO
|
|
Nitil Patel
|
CFO
|
|
|
|
|
Cavendish Capital Markets Limited (Nomad &
Broker)
|
Tel.
+ 44 (0)20 7220 0500
|
|
Marc Milmo/Fergus Sullivan/Rory
Sale
|
Corporate Finance
|
|
Tim Redfern/Ondraya
Swanson
|
Corporate Broking
|
About Intercede
Intercede is a cybersecurity
software company specialising in digital identities, and its
innovative solutions enable organisations to protect themselves
against the number one cause of data breach: compromised user
credentials.
The Intercede suite of products
allows customers to choose the level of security that best fits
their needs, from Secure Registration and ID Verification to
Password Security Management, One-Time Passwords, FIDO, and
PKI. Uniquely, Intercede provides the entire set of
authentication options from Passwords to PKI, supporting customers
on their journey to passwordless and stronger authentication
environments. In addition to developing and supporting Intercede
software, the Group offers professional services and custom
development capabilities as well as managing the world's largest
password breach database.
For over 20 years, global customers
in government, aerospace and defence, financial services,
healthcare, telecommunications, cloud services and information
technology have trusted Intercede solutions and expertise in
protecting their mission critical data and systems at the highest
level of assurance.
For more information visit:
www.intercede.com
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and
is disclosed in accordance with the company's obligations under
Article 17 of MAR.