Wentworth Resources PLC Commencement of Share Buy-Back Programme (0958W)
17 Décembre 2021 - 05:20PM
UK Regulatory
TIDMWEN
RNS Number : 0958W
Wentworth Resources PLC
17 December 2021
17 December 2021
WENTWORTH RESOURCES PLC
("Wentworth" or the "Company")
Commencement of Share Buy-back Programme
Wentworth (AIM: WEN), the independent, Tanzania-focused natural
gas production company, announces the launch of a share buy-back
programme (the "Programme").
The Board is aware of the significant discount that the
Company's shares trade at relative to its net asset value (NAV) per
share, despite the strong operational and financial momentum of the
business.
The Board regularly reviews capital allocation to optimise
long-term returns for shareholders; reflecting this Wentworth has
increased its interim dividend by 10% compared with 2020 and
anticipates growth in the final dividend in respect of the year
ended 31 December 2021. Given the wide discount referred to above,
the Board believes that share buybacks are also an appropriate
means of returning value, whilst maximising sustainable long term
growth for shareholders, given the enhancement to NAV, earnings and
dividends per share that will result from reducing the number of
shares in issue.
Accordingly, the Company today announces the commencement of the
Programme, for the repurchase of its ordinary shares of up to a
total value of GBP2.0 million. Subject to certain restrictions, the
Programme is being made available to eligible shareholders who are
on the Company's register of members at 6pm (UK time) on 16
December 2021. The Programme is expected to continue until the
start of the Company's 2022 Annual General Meeting, which is
expected to be held in June 2022. If shares are available at a
discount, the Company may opportunistically look to acquire them,
in order to achieve the objectives of the Programme.
Any purchase of ordinary shares will be executed in accordance
with the limits of the Company's general authority to repurchase
ordinary shares granted by its shareholders at the Company's 2021
Annual General Meeting on 15 June 2021 , i.e. up to 18,554,913
Ordinary Shares, representing approximately 10% of the issued
voting share capital of the Company and at a price not exceeding
the maximum approved pursuant to that authority. The purpose of the
Programme is to reduce the issued ordinary share capital of the
Company.
The Board will keep the Programme under review to make sure it
continues as an efficient and effective means of generating value
for shareholders. While the Company has launched the Programme,
there is no certainty on the volume of shares that may be acquired
under the Programme and the pace of acquisitions.
The Programme will also be effected in accordance with the
Market Abuse Regulation 596/2014/EU (as in force in the UK and as
amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019)
(the "Regulation"). Given the level of liquidity in the Company's
shares, the Company will retain the ability to exceed the average
daily volume restrictions established by the Commission Delegated
Regulation 2016/1052/EU (as in force in the UK and as amended by
the FCA's Technical Standards (Market Abuse Regulation) (EU Exit)
Instrument 2019) (the "Delegated Regulation") and therefore the
Programme may not fall within the safe harbour provisions of the
Regulation.
The Companies (Jersey) Law 1991 (as amended) permits the Company
to hold any shares purchased by it as treasury shares as an
alternative to immediately cancelling them. If the Company
purchases any of its shares and holds them as treasury shares, the
Company may sell these shares (or any of them) for cash or transfer
these shares (or any of them) for the purposes of or pursuant to an
employee share plan, cancel these shares (or any of them) or
continue to hold them as treasury shares. Holding these shares as
treasury shares gives the Company the ability to reissue them
quickly and cost effectively and provides additional flexibility in
the management of the Company's capital base. No distributions will
be paid on, and no voting rights will be exercised in respect of,
shares held as treasury shares. Shares will only be held in
treasury as an alternative to immediate cancellation where there
are known upcoming obligations in respect of an employee share
plan. If no such known obligations exist, the purchased shares
shall be cancelled.
Enquiries: Katherine Roe, katherine.roe@wentplc.com
Wentworth Resources Chief Executive Officer +44 (0) 7841 087 230
AIM Nominated Adviser and
Joint Broker
Callum Stewart
Stifel Nicolaus Europe Ashton Clanfield
Limited Simon Mensley +44 (0) 20 7710 7600
Joint Broker
Richard Crichton
Peel Hunt LLP Alexander Allen +44 (0) 20 7418 8900
Communications Advisor
Sara Powell
FTI Consulting Ben Brewerton +44 (0) 20 3727 1000
About Wentworth Resources
Wentworth Resources plc (AIM: WEN) is a leading, domestic
natural gas producer in Tanzania with a core producing asset
at Mnazi Bay in the onshore Rovuma Basin in Southern Tanzania.
Inside Information
The information contained within this announcement is deemed by
Wentworth to constitute inside information as stipulated under the
Market Abuse Regulation (EU) no. 596/2014 ("MAR") (as in force in
the UK and as amended by the Market Abuse (Amendment) (EU Exit)
Regulations 2019). On the publication of this announcement via a
Regulatory Information Service ("RIS"), this inside information is
now considered to be in the public domain.
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