REG - Crystal Amber Fund - Extension to Share Buyback Programme

Crystal Amber FundAnnouncement

02/04/2024 13:30

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RNS Number : 9907I  Crystal Amber Fund Limited  02 April 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014 to the extent it forms part of the domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018 (as amended by virtue of
the European Union (Withdrawal Agreement) Act 2020). Upon the publication of
this announcement, this inside information is now considered to be in the
public domain.

 

 

2 April 2024

 

Crystal Amber Fund Limited

("Crystal Amber Fund", the "Company" or the "Fund")

 

Extension to Share Buyback Programme

 

Crystal Amber Fund announces that it will continue its share buyback programme
for the period to 30 June 2024.  Since 8 December 2023, £5 million has been
utilised in the programme and from now until 30 June 2024, the Company intends
to continue to conduct on-market purchases under the share buyback programme
to repurchase ordinary shares of 1 penny each in the capital of the Company
("Ordinary Shares") up to an aggregate amount of £2.5 million, pursuant to
the authority obtained at the Company's annual general meeting on 22 November
2023 (the "Buyback").

 

The Company has appointed Winterflood Securities Limited ("Winterflood") to
execute and manage the Buyback and has given an irrevocable instruction to
Winterflood to make market purchases of Ordinary Shares on its behalf,
independently of the Company. Winterflood will make its trading decisions in
relation to the Ordinary Shares independently of and uninfluenced by the
Company with such trading decisions being in line with the terms of the
Buyback.

 

The maximum price which may be paid by the Company per Ordinary Share shall
not be more than the higher of:

a.    105 per cent of the average of the middle market quotations for an
Ordinary Share as derived from the AIM market of the London Stock Exchange plc
for the five business days immediately preceding the day on which the purchase
is made; and

b.    the value of an Ordinary Share calculated on the basis of the higher
of the price quoted for (i) the last independent trade of and (ii) the highest
current independent bid for the Ordinary Shares.

 

The Company has determined that it will not rely on the safe harbour
conditions for trading set out in Article 5 of EU Market Abuse Regulation
(2014/596/EU) (which forms part of domestic UK law pursuant to the European
Union (Withdrawal) Act 2018) ("UK MAR") and, accordingly, the Company will
not benefit from the exemption contained in Article 5 of UK MAR, given the
limited liquidity in the Ordinary Shares and limitations that it would impose
on the number of Ordinary Shares that can be purchased. Therefore, the Company
may purchase Ordinary Shares pursuant to the Buyback on any trading day
materially in excess of 25 per cent of the average daily volume in the 20
trading days preceding the date on which the purchase is carried out, being
the limit laid down in Article 5(1) of UK MAR.

 

There is no guarantee that the Buyback programme will be implemented in full
or that any purchases will be made. The Company reserves the right to bring a
halt to the Buyback under circumstances that it deems to be appropriate and in
accordance with relevant law and regulation.

 

The Company will make further announcements in due course following any share
purchases conducted through the Buyback.

 

The Company confirms that, other than as disclosed in this announcement, it is
not currently in possession of any unpublished inside information.

 

For further enquiries please contact:

 

Crystal Amber Fund Limited

Chris Waldron (Chairman)

Tel: 01481 742 742

www.crystalamber.com (http://www.crystalamber.com)

 

Allenby Capital Limited - Nominated Adviser

Jeremy Porter/ Dan Dearden-Williams

Tel: 020 3328 5656

 

Winterflood Investment Trusts - Broker

Joe Winkley/Neil Langford

Tel: 020 3100 0160

 

Crystal Amber Advisers (UK) LLP - Investment Adviser

Richard Bernstein

Tel: 020 7478 9080

 

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