REG - Coral Products PLC - Share Buyback Programme

Coral ProductsAnnouncement

10/07/2023 11:45

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RNS Number : 5159F  Coral Products PLC  10 July 2023

10 July 2023

 

Coral Products Plc

("CRU" or the "Company")

 

Share Buyback Programme

 

 

Coral Products PLC, a specialist in the design, manufacture and supply of
injection moulded plastic products based in Wythenshawe, Manchester announces
that the Board has approved the terms of a share buyback programme (the
"Programme") to buy back the Company's ordinary shares of 1 pence each (the
"Ordinary Shares") up to £500,000. The Company intends to conduct the
Programme up to the earlier of the Company's next annual general meeting
("AGM") or 31st October 2023.  However, the Board will keep the form and
quantum of the Programme under review while allowing the Company to maintain
its current dividend policy. The Programme will be funded from the Company's
current cash balances.

 

The Company will seek to make market purchases at a price or prices that the
Company believes will be value-enhancing for shareholders and limits the
maximum number of Ordinary Shares CRU can buy back to 3,000,000.

 

The Company will hold as treasury shares any Ordinary Shares repurchased in
accordance with the provisions of the Companies Act 2006. Ordinary Shares held
in treasury are not entitled to dividends and have no voting rights at the
Company's general meetings. The Company will make further regulatory
announcements in respect of repurchases of Ordinary Shares as required by UK
MAR and the AIM Rules.

The Programme will be executed within the limitations of the shareholder
authority granted at the AGM held on 29 September 2022, under which the
minimum price which may be paid by the Company is 1 pence per Ordinary Share,
and the maximum price which may be paid for an ordinary share exclusive of
expenses is equal to the higher of (i) 105 per cent of the average of the
middle market quotations for an ordinary share derived from the London Stock
Exchange Daily Official List for the five business days immediately preceding
the day on which the purchase is made and (ii) the higher of (a) the price of
the last independent trade and (b) the highest current independent bid (in
each case, in relation to (a) and (b), for any number of the Company's
ordinary shares on the trading venue where the purchase is carried out).

 

Notwithstanding the average daily volume restrictions set out in Article 3(3)
(b) of the Commission Delegated Regulation (EU) 2016/1052, the Company expects
to make purchases in excess of these volume restrictions, subject to
prevailing market conditions and liquidity.

Certain of the information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the UK version of
the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of
the European Union (Withdrawal) Act 2018, as amended and supplemented from
time to time.

For further information, please contact:

 

 Coral Products plc

 Joe Grimmond, Chairman                         Tel: 07703 518 148

 Nominated Adviser & Broker

 Cenkos LLP                                     Tel: 020 7397 1966

 Adrian Hadden

 Charlie Combe

 Financial PR                                   Tel: 020 3151 7008

 Novella

 Tim Robertson

 

This announcement has been posted to: https://coralproducts.com/

 

 

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