REG - Vianet Group PLC - Share Buyback Prorgramme

VianetAnnouncement

07/11/2023 14:30

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RNS Number : 6832S  Vianet Group PLC  07 November 2023

Vianet Group plc

("Vianet" or the "Company")

Share Buyback

Vianet, the international provider of internet-enabled, cloud based,
telemetric and data services to the hospitality, unattended retail vending and
remote asset management sectors, is pleased to announce that it intends to
conduct on-market purchases under a share buyback programme (the "Programme")
pursuant to the authorities obtained at the Company's last annual general
meeting held on 5 September 2023 ("AGM").

The Programme, which will be funded from the Company's existing cash
resources, is intended to reduce the share capital of the Company and will
take place within the limitations of the authority granted by shareholders to
the Board of Vianet at the AGM.  The Programme will commence with immediate
effect and will, unless terminated at an earlier date, expire on at the
conclusion of the 2024 AGM, or 5 September 2024, whichever is earlier (the
"Expiry Date").

The maximum price which may be paid by the Company per Ordinary Share shall
not be more than 5 per cent above the average middle market quotations for an
Ordinary Share (as derived from the London Stock Exchange AIM All-Share List)
for the five business days immediately preceding the date of on which such
share is contracted to be purchased.

Share purchases will take place in open market transactions and may be made
from time to time depending on market conditions, share price, trading volume
and other factors.  The Company has appointed Shore Capital Limited to manage
the Programme and make market purchases of Ordinary Shares on its behalf,
independently of the Company.

Vianet intends to cancel the repurchased Ordinary Shares.

The Company has determined that it will not rely on the safe harbour
conditions for trading set out in Article 3(2) and Article 3(3) of the
Commission Delegated Regulation (EU) 2016/1052 (which forms part of domestic
UK law pursuant to the European Union (Withdrawal) Act 2018) given the limited
liquidity in the Ordinary Shares and limitations that the conditions would
impose on the number of Ordinary Shares that can be purchased and, as such,
the Company may (a) purchase Ordinary Shares at a price higher than the higher
of the price of the last independent trade and the highest current independent
bid for an Ordinary Share, and (b) purchase on any trading day materially in
excess of 25 per cent of the average daily volume in the 20 trading days
preceding the date on which the purchase is carried out.

Purchases may continue during any closed period to which the Company is
subject to from the date of this announcement to the Expiry Date.

There is no guarantee that any purchases will be made under the Programme.

As at the time of this announcement, the Company's total issued share capital
consists of 29,558,914   Ordinary Shares with one voting right per share.
The Company does not hold any Ordinary Shares in treasury, therefore, the
total number of Ordinary Shares carrying voting rights is 29,558,914.

The above figure of 29,558,914 may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).

 

Enquiries:

 Vianet Group plc
 James Dickson, Chairman & CEO       Tel: +44 (0) 1642 358 800

 Mark Foster, CFO                    www.vianetplc.com (http://www.vianetplc.com)

 Cavendish Capital Markets Limited
 Stephen Keys / Camilla Hume         Tel: +44 (0) 20 7397 8900
                                     www.cenkos.com (http://www.cenkos.com)

 

 

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