REG - Character Group PLC - Launch of Share Buyback Programme and TVR

CharacterAnnouncement

29/10/2024 07:00

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RNS Number : 9493J  Character Group PLC (The)  29 October 2024

The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018.  Upon the publication of this
announcement via the Regulatory Information Service, this inside information
is now considered to be in the public domain.

 

The Character Group plc

Designers, developers and international distributor of toys, games and
giftware

 

("Character," the "Company" or the "Group")

 

Share Buyback Programme

London: Tuesday, 29 October 2024:  Character (AIM:CCT) today announces that,
as part of its continuing strategy to repurchase the Company's own shares when
considered appropriate, it will undertake a new share buyback programme (the
"Programme").  The Board has today approved the Programme to repurchase
ordinary shares of 5 pence each in the Company ("Ordinary Shares") for up to a
maximum aggregate consideration of £2 million, which will be funded out of
the Group's existing cash resources.

The Programme will be carried out in accordance with the Company's general
authority to purchase a maximum of 2,890,000 Ordinary Shares, granted by its
shareholders at the Annual General Meeting of the Company held on 19 January
2024 (the "General Authority").  Since the General Authority was granted, the
Company has purchased 708,472 Ordinary Shares, leaving an unutilised capacity
to buyback under the General Authority of 2,181,528 Ordinary Shares. Subject
to the Company seeking and obtaining shareholders' approval at the Company's
next Annual General Meeting expected to be held in January 2025 authorising
(in substitution for the current authority granted at the 2024 AGM) another
such general authority (being, if approved, also a "General Authority") to
purchase a maximum of 2,815,0002 Ordinary Shares, in accordance with that
renewed authority until no later than the close of business on 30 May 2025.

The purpose of the Programme is to reduce the Company's share capital, and it
will commence on the date of this announcement and continue until either the
maximum pecuniary amount has been purchased under the Programme or, if
earlier, the expiration of the relevant General Authority.

The Company has entered into an irrevocable commitment with Panmure Liberum
Limited ("Panmure Liberum") to conduct the Programme and repurchase Ordinary
Shares on the Company's behalf and to make trading decisions under the
Programme in accordance with certain pre-set parameters independently of the
Company.

Share purchases under the Programme 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 terms.  The maximum price paid per
Ordinary Share will be no more than: (i) 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 contracted; and
(ii) 105 per cent of the average closing middle market quotations of an
Ordinary Share for the five business days immediately preceding the day on
which such Ordinary Shares are contracted to be purchased.  Under the
Programme, the shares repurchased by the Company will be cancelled.

The Programme will be conducted within the pricing parameters of the Market
Abuse Regulation 596/2014/EU and the delegated regulations made pursuant to it
(the "Regulations").  However, given the limited liquidity in the issued
Ordinary Shares, the Company has agreed that, on any trading day, a buy-back
of Ordinary Shares under the Programme may exceed 25% but remain at no more
than 50% of the average daily trading volume in the Ordinary Shares in the 20
trading days preceding the date on which a buy-back of Ordinary Shares is
carried out.  Accordingly, the Company may not benefit from the exemption
contained in the Regulations.

The Company will make further regulatory announcements in respect of
repurchases of Ordinary Shares as required by UK MAR and the AIM Rules.

The Company confirms that it currently has no other unpublished price
sensitive information at the time of this announcement.

Total Voting Rights (TVR)

As at the close of trading on28 October 2024, the Company's total issued share
capital consisted of 20,757,457 Ordinary Shares, with one voting right per
share, of which 1,983,059 are held in treasury. Therefore, the total number of
voting rights in the Company was 18,774,398.

 

 

The Character Group plc

FTSE sector:  leisure goods:

FTSE AIM All-share: symbol: CCT

Market cap: £48m

Email:  info@charactergroup.plc.uk (mailto:info@charactergroup.plc.uk)

Group website: www.thecharacter.com (http://www.thecharacter.com)

Product ranges can also be viewed at www.character-online.co.uk
(http://www.character-online.co.uk)

CHARACTER GROUP PLC CCT Stock | London Stock Exchange
(https://www.londonstockexchange.com/stock/CCT/character-group-plc/company-page)

 

 Enquiries to:

 The Character Group plc

 Jon Diver, Joint Managing Director

 Kiran Shah, Joint Managing Director & Group Finance Director

 Office:  +44 (0) 208 329 3377

 Mobile: +44 (0) 7831 802219 (JD)

 Mobile: +44 (0) 7956 278522 (KS)

 Panmure Liberum (Nominated Adviser and Joint Broker)

 Atholl Tweedie, Investment Banking

 Rupert Dearden, Corporate Broking

 Tel:  +44 (0) 20 7886 2500

 Allenby Capital Limited (Joint Broker)

 Nick Athanas, Corporate Finance

 Amrit Nahal / Tony Quirke, Sales & Corporate Broking

 Tel:  +44 (0) 20 3328 5656

 TooleyStreet Communications Limited (Investor and media relations)

 Fiona Tooley

 Tel:  +44 (0) 7785 703523

 Email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.com)

 

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