REG - Coral Products PLC - Share Buyback Programme

Coral ProductsAnnouncement

29/09/2023 13:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230929:nRSc2180Oa&default-theme=true

RNS Number : 2180O  Coral Products PLC  29 September 2023

29 September 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 £700,000. The Company intends to conduct the
Programme up to the earlier of the Company's next general meeting to approve
the annual report ("GM") or 31st October 2024.  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 5,000,000.

 

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 GM held on 27 September 2023, 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. The Board will authorise each
buyback transaction during the Programme which will be undertaken by Cavendish
Securities Plc as the Company's broker and each such transaction will be
reported and announced once executed.

There is no guarantee that the Programme will be implemented in full or that
any purchases will be made.

As at the time of this announcement, the Company will have 90,277,589
ordinary shares of 1 pence each in issue, of which 400,000 ordinary shares are
held in treasury. Therefore, the total number of ordinary shares carrying
voting rights will be 89,877,589.

 

The above figure of 89,877,589 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.

 

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

 Cavendish Securities Plc                       Tel: 020 7397 1966

 Adrian Hadden

 Charlie Combe

 Financial PR                                   Tel: 020 3151 7008

 Novella

 Tim Robertson

 

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  POSUKOUROKUKUAR