REG - Cooks Coffee Company - Less than Minimum Holding share buyback

Cooks CoffeeAnnouncement

19/12/2023 09:00

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RNS Number : 2956X  Cooks Coffee Company Limited  19 December 2023

19 December 2023

Cooks Coffee Company Limited
("Cooks Coffee", the "Company" or the "Group")

Less than Minimum Holding share buyback

On 6 April 2022, the Company gave notice to relevant shareholders, and
announced to NZX, that it proposed to offer to buy back and cancel
shareholdings that were less than 1,125 shares((1)), being less than a
"Minimum Holding" (as defined in the NZX Listing Rules), in the Company (the
Buyback).  On 18 October 2022 the company had given formal notice to holders
of less than 1,125 shares, that they needed to increase their holdings to at
least 1,125 shares, in accordance with NZX Listing Rule 8.1.6(c).

 

The Buyback is to be made on and from 20 December 2023 pursuant to s 61(7) of
the Companies Act 1993 and NZX Listing Rules 4.14.1(b)(iii) and 8.1.6(c) on
the following terms:

 

1.     the price per share acquired will be the "Average Market Price"((2))
at the time the shares are acquired and cancelled; and

2.     the Company will deduct its reasonable expenses from the proceeds of
sale, and pay the net proceeds to those holders of the shares acquired, in
accordance with the Company's constitution, so long as the total amount for
the relevant shareholder exceeds $1.

In total 303 shareholdings of 41,326 shares in total, comprising around 50% of
the number of shareholders and 0.07% of total shares on issue, are expected to
be acquired.

Cooks will release a Capital Change notice following completion of the share
acquisition and cancellation.

 

Notes:

((1)) The NZX Listing Rules prescribe a "Minimum Holding" as being a holding
of shares having a value of at least $1,000 or such lesser number determined
by the issuer.  Cooks determined that 1,125 shares, which was approximately
$500 of shares at 30 March 2002, would be the "Minimum Holding" for this
purpose and advised that through the Market Announcement Platform (MAP).

((2)) The NZX Listing Rules define the "Average Market Price" to mean, on a
relevant date, the lesser of the volume weighted average price of Cooks
Coffee's shares calculated from trades through the NZX Main Board over the
following two periods:

(a) 20 Business Days before the Relevant Date; or

(b) 5 Business Days before the Relevant Date.

 

Enquiries:

 

 Cooks Coffee Company Limited        +64 21 702 509 (New Zealand)
 Keith Jackson (Executive Chairman)  keith.jackson@cookscoffeecompany.com
                                     (mailto:keith.jackson@cookscoffeecompany.com)

                                     +44 (0) 20 3934 6630 (UK)
                                     ukinvestorrelations@cookscoffeecompany.com
                                     (mailto:ukinvestorrelations@cookscoffeecompany.com)

 

 IFC Advisory Limited (Financial PR & IR)                                                                                         +44 (0) 20 3934 6630
 Tim Metcalfe, Graham Herring, Florence Chandler                                                                                  cookscoffee@investor-focus.co.uk (mailto:cookscoffee@investor-focus.co.uk)

 Oberon Capital                                                                                                                   +44 (0) 20 3179 5300

 Nick Lovering, Adam Pollock, Mike Seabrook

 

 

 

 

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