TIDMMERC
RNS Number : 8311U
Mercia Asset Management PLC
28 November 2023
RNS 28 November 2023
Mercia Asset Management PLC
("Mercia", the "Company" or the "Group")
Share buyback programme
Mercia Asset Management PLC (AIM: MERC), the proactive,
regionally focused specialist asset manager with c.GBP1.5billion of
assets under management, today announces that it is commencing a
share buyback programme of up to GBP5.0million (the "Share Buyback
Programme").
The Share Buyback Programme will be for on market purchases of
up to GBP5.0million worth of Ordinary shares in the Company (the
"Maximum Monetary Amount") in accordance with certain pre-set
parameters (the "Share Buyback"). The Share Buyback will take place
within the limitations of the authority granted to the Board of
Mercia at its Annual General Meeting (the "General Authority"),
held on 21 September 2023, pursuant to which the maximum number of
shares which may be bought back is 44,658,120.
Mercia has entered into arrangements with Canaccord Genuity
Limited ("Canaccord Genuity") and Singer Capital Markets Securities
Limited ("Singer Capital Markets") (together, the "Brokers") to
conduct the Share Buyback Programme on its behalf on a
broker-managed basis in relation to the purchase of Ordinary shares
of Mercia (the "Shares"). Canaccord Genuity will conduct the first
half of the Share Buyback and Singer Capital Markets will conduct
the latter half.
The Brokers will make trading decisions in relation to Shares
purchased under the Share Buyback Programme independently of, and
uninfluenced by, Mercia.
Further details of the Share Buyback Programme
- The purpose of the Share Buyback Programme is to reduce the
share capital of the Company and to return capital to those
shareholders wishing to participate in the Share Buyback.
- The Share Buyback will be financed from existing cash
resources, which have recently been significantly bolstered by the
cash received from Mercia's sale of its direct investment in
nDreams Limited ("nDreams"), as announced on 20 November 2023.
- The aggregate number of Ordinary shares acquired by the
Company pursuant to the Share Buyback shall not exceed the maximum
number of Ordinary shares which the Company is authorised to
purchase pursuant to the General Authority, set out above.
- In accordance with the General Authority, the maximum price
paid per Ordinary share acquired by the Company pursuant to the
Share Buyback is to be no more than the higher of: (i) 5% above the
average of the mid-market value of the Ordinary shares for the five
business days before the purchase is made; and (ii) the higher of
the last independent trade and the highest current independent bid,
for any number of Ordinary shares on the trading venue where the
purchase is carried out. Furthermore, in accordance with the
General Authority the minimum price payable per Ordinary share
acquired by the Company pursuant to the Share Buyback is 0.001
pence.
- The Share Buyback will commence on the date of this
announcement and will continue until the earlier of the expiration
of the General Authority or until the number of Ordinary shares
equal to the Maximum Monetary Amount have been purchased under the
Share Buyback or the process is terminated or paused.
- The purchased Ordinary shares will be held by the Group in
treasury for later reissue or cancellation, at the Group's
discretion. Shares held in treasury are, subject to the Companies
Act 2006, not entitled to distributions or dividends and the rights
and obligations of such shares shall be suspended (including any
voting rights at the Group's General Meetings).
- Share buybacks will take place in open market transactions and
may be made from time to time depending on market conditions, share
price and trading volume. There is no certainty that any buybacks
will be completed. The Share Buyback may be paused at any time if
deemed appropriate by the Brokers with respect to market
conditions.
- The Company is not in a close period and currently has no unpublished inside information.
- The Share Buyback will operate in accordance with and under
the terms of the relevant General Authority.
- As at 27 November 2023, the Group's total issued share capital
consisted of 446,679,523 Ordinary shares, with one voting right per
share. As at this date, the Group did not hold any Ordinary shares
in treasury. Therefore, the total number of voting rights in the
Group is 446,679,523.
The Board has determined that the commencement of this Share
Buyback Programme, utilising a portion of the cash proceeds
received from the sale of the Group's holding in nDreams, is in the
best interests of the Company and its shareholders.
- Ends -
For further information, please contact:
Mercia Asset Management PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer +44 (0)330 223
www.mercia.co.uk 1430
Canaccord Genuity Limited (NOMAD and Joint +44 (0)20 7523
Broker) 8000
Simon Bridges, Emma Gabriel
+44 (0)20 7496
Singer Capital Markets (Joint Broker) 3000
Harry Gooden, James Moat
+44 (0)20 3727
FTI Consulting 1051
Tom Blackwell, Jenny Boyd
mercia@fticonsulting.com
About Mercia Asset Management PLC
Mercia is a proactive, specialist asset manager focused on
supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of venture,
private equity, debt and proprietary capital: the Group's 'Complete
Connected Capital'. The Group initially nurtures businesses via its
third-party funds under management, then over time Mercia can
provide further funding to the most promising companies, by
deploying direct investment follow-on capital from its own balance
sheet.
The Group has a strong UK footprint through its regional
offices, university partnerships and extensive personal networks,
providing it with access to high-quality deal flow.
Mercia Asset Management PLC is quoted on AIM with the EPIC
"MERC".
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