REG - AssetCo PLC - Share Repurchase Programme & Results of Meeting

AssetcoAnnouncement

29/09/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220929:nRSc0619Ba&default-theme=true

RNS Number : 0619B  AssetCo PLC  29 September 2022

29 September 2022

LEI: 213800LFMHKVNT27GV45

 

AssetCo plc ("AssetCo" or the "Company")

Share Repurchase Programme and Result of General Meeting

AssetCo, the agile asset and wealth management company, is pleased to announce
that, at its General Meeting held on 28 September 2022, the resolution put to
shareholders seeking their authority (the "General Authority") to repurchase
up to a maximum of 14,929,297 ordinary shares of 1 pence each ("Ordinary
Shares") was duly passed by the requisite majority, following which the Board
of Directors has approved a share repurchase programme to return up to a
maximum aggregate amount of £7.5 million to the Company's shareholders (the
"Programme").

 

About the Programme

 

·      The Programme will be financed through existing cash resources.

 

·     The Company has initially appointed Panmure Gordon (UK) Limited
("Panmure Gordon") to independently manage the Programme to repurchase
Ordinary Shares on its behalf and within certain defined parameters.

 

·     The aggregate number of Ordinary Shares acquired by the Company
pursuant to the Programme shall not exceed the maximum number of Ordinary
Shares which the Company is authorised to purchase pursuant to the General
Authority.

 

·    In accordance with the General Authority, the maximum price paid per
Ordinary Share acquired by the Company pursuant to the Programme is to be no
more than 105% of the average middle market closing price of an Ordinary Share
on AIM for the five business days preceding the date of purchase.

 

·    The Programme will commence on the date of this announcement and
will continue until the earlier of either the expiration of the General
Authority or until the maximum pecuniary amount has been purchased under the
Programme.

 

·    The purchased Ordinary Shares will be held by the Company in
treasury at the Company's discretion for later reissue or cancellation. Shares
held in treasury are not entitled to dividends and have no voting rights at
the Company's general meetings.

 

·   Share repurchases will take place in open market transactions and may
be made from time to time depending on market conditions, share price and
trading volume. The maximum price paid per Ordinary Share will be no more than
the higher of the price of the last independent trade and the highest current
independent purchase bid for Ordinary Shares on the trading venue where the
purchase is carried out.

 

·      The Company confirms that it currently has no unpublished inside
information.

 

·     The Programme will operate in accordance with and under the terms
of the relevant General Authority, and within the regulatory limit on the
quantity of Ordinary Shares the Company may purchase on a single day. The
Programme will be conducted within the parameters of the Market Abuse
Regulation 596/2014/EU and the delegated regulations made pursuant to it.

 

·    As at 28 September 2022, the Company's total issued share capital
consisted of 149,292,970 Ordinary Shares, with one voting right per share. The
Company does not hold any Ordinary Shares in treasury. Therefore, the total
number of voting rights in the Company was 149,292,970.

 

 

Result of General Meeting

 

At the general meeting which took place at 3pm on 28 September 2022, the
following resolution (the "Resolution"), which was proposed as a special
resolution, was duly passed by the requisite majority:

Resolution

In substitution for all existing authorities the Company be and is generally
and unconditionally authorised for the purposes of section 701 of the
Companies Act 2006 (the "Act") to make one or more market purchases (within
the meaning of section 693(4) of the Act) on the AIM market of the London
Stock Exchange of its ordinary shares of £0.01 each ("Ordinary Shares")
provided that:

(a) the maximum aggregate number of Ordinary Shares authorised to be purchased
is 14,929,297;

(b) the minimum price which may be paid for such Ordinary Shares is £0.01 per
Ordinary Share;

(c) the maximum price which may be paid for an Ordinary Share shall not be
more, at the time of purchase, than the amount equal to 105 per cent. of the
average of the middle market quotations for an Ordinary Share as derived from
the London Stock Exchange for the five business days immediately preceding the
date on which the Ordinary Share is purchased;

(d) unless previously renewed, varied or revoked, the authority conferred
shall expire at the conclusion of the next Annual General Meeting of the
Company in 2023 or fifteen months, after the passing of this Resolution
whichever is the earlier; and

(e) the Company may make a contract or contracts to purchase Ordinary Shares
under the authority conferred by this Resolution prior to the expiry of such
authority which will or may be executed wholly or partly after the expiry of
such authority and may make a purchase of Ordinary Shares in pursuance of any
such contract or contracts, as if such authority had not expired.

 

 

For further information, please contact:

 AssetCo plc                                Numis Securities Limited

 Campbell Fleming, CEO                      Nominated adviser and joint broker

 Peter McKellar, Deputy Chairman            Giles Rolls / Charles Farquhar

 Tel: +44 (0) 785 0464 301                  Tel: +44 (0) 20 7260 1000

 Panmure Gordon (UK) Limited                Maitland/AMO

 Joint broker                               Neil Bennett

 Charles Leigh-Pemberton / Atholl Tweedie   Rachel Cohen

 Tel: +44 (0) 20 7886 2500                  Tel: +44 (0) 20 7379 55151

For further details, visit the website, www.assetco.com
(http://www.assetco.com)

Ticker: AIM: ASTO.L

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCPPUPPBUPPGQR