REG - Mercia Asset Mgt PLC - Share buyback programme

Mercia Asset ManagementAnnouncement

Yesterday 07:20

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250701:nRSA1613Pa&default-theme=true

RNS Number : 1613P  Mercia Asset Management PLC  01 July 2025

 
 
 
       1 July 2025

 

Mercia Asset Management PLC

 

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

 

Share buyback programme

 

Mercia Asset Management PLC (AIM: MERC), the regionally focused, private
capital asset manager with c.£2.0billion of assets under management, today
announces that it is commencing a share buyback programme of up to
£3.0million (the "Share Buyback Programme"), in line with the new annual
share buyback policy announced in its full year results today. Shares bought
back will be cancelled.

 

The Share Buyback Programme will be for on market purchases of up to
£3.0million of Ordinary shares in the Company (the "Maximum Monetary
Amount"), in accordance with certain pre-set parameters (the "Share Buyback").
The Share Buyback will take place within the limitations of the authority
granted to the Board of Mercia to repurchase Ordinary shares granted by its
shareholders from time to time (at the Company's Annual General Meeting, held
on 26 September 2024, shareholders gave the Company authority to purchase a
maximum of 43,109,572 Ordinary shares, equivalent to 10 per cent. of its
issued share capital as at 26 July 2024)  (the "General Authority").

 

Mercia has entered into arrangements with Canaccord Genuity Limited
("Canaccord Genuity")(the "Broker") to conduct this year's Share Buyback
Programme on its behalf on a broker-managed basis in relation to the purchase
of Ordinary shares of Mercia (the "Ordinary Shares").

 

The Broker will make trading decisions in relation to Shares purchased under
the Share Buyback Programme independently of, and uninfluenced by, Mercia.

 

Further details of the Share Buyback Programme

 

-      The purpose of the Share Buyback Programme is to reduce the share
capital of the Company and to return capital to those shareholders wishing to
participate in the Share Buyback.

 

-      The Share Buyback will be financed from existing cash resources.

 

-      The aggregate number of Ordinary shares acquired by the Company
pursuant to the Share Buyback shall not exceed the maximum number of Ordinary
Shares which the Company is authorised to purchase pursuant to the General
Authority, set out above.

 

-      In accordance with the General Authority, the maximum price paid
per Ordinary Share acquired by the Company pursuant to the Share Buyback is to
be no more than the higher of: (i) 5% above the average of the mid-market
value of the Ordinary Shares for the five business days before the purchase is
made; and (ii) the higher of the last independent trade and the highest
current independent bid, for any number of Ordinary Shares on the trading
venue where the purchase is carried out. Furthermore, in accordance with the
General Authority the minimum price payable per Ordinary Share acquired by the
Company pursuant to the Share Buyback is 0.001 pence.

 

-      It is intended that the Share Buyback Programme will be conducted
within the volume limits of the exemption contained in Article 5(1) of the
Regulation. However, given the limited liquidity in the Shares, the Company
has agreed that, on any trading day, a buy-back of Ordinary Shares under the
Share Buyback Programme may exceed 25 per cent. but remain below 50 per cent.
of the average daily trading volume in the 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
Market Abuse Regulation (EU 596/2014) with respect to such trading dates.

 

-      The Share Buyback will commence on the date of this announcement
and will continue until the earlier of (i) the publication of the Company's
preliminary results for the year ended 31 March 2026 and (ii) the point at
which the total monetary value of Ordinary Shares purchased under the Share
Buyback reaches the Maximum Monetary Amount or the process is terminated or
paused.

 

-      The purchased Ordinary Shares will be cancelled.

 

-      Share buybacks will take place in open market transactions and may
be made from time to time depending on market conditions, share price and
trading volume. There is no certainty that any buybacks will be completed. The
Share Buyback may be paused at any time if deemed appropriate by the Brokers
with respect to market conditions.

 

-      The Company is not in a close period and currently has no
unpublished inside information.

 

-      The Share Buyback will operate in accordance with and under the
terms of the relevant General Authority.

 

-      The Company confirms that as at 30 June 2025, its issued share
capital consisted of 431,455,017 Ordinary Shares, all with voting rights. In
addition, 15,224,506 shares are currently held in Treasury. The total number
of voting rights in the Company as at 30 June 2025 is therefore 431,455,017.

 

The Board has determined that the commencement of this Share Buyback Programme
is in the best interests of the Company and its shareholders.

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law in
the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 and
as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit)
Regulations 2019/310. With the publication of this announcement, this
information is now considered to be in the public domain.

 

Ends

 

For further information, please contact:

 

Mercia Asset Management PLC

Mark Payton, Chief Executive Officer

Martin Glanfield, Chief Financial Officer

www.mercia.co.uk (http://www.mercia.co.uk)
 
+44 (0)330 223 1430

 

Canaccord Genuity Limited (NOMAD and Joint Broker)

Simon Bridges, Andrew Potts, Harry
Gooden
+44 (0)20 7523 8000

 

Singer Capital Markets (Joint Broker)

Charles
Leigh-Pemberton
+44 (0)20 7496 3000

 

FTI Consulting

Tom Blackwell, Jenny
Boyd
+44 (0)20 3727 1051

mercia@fticonsulting.com

 

About Mercia Asset Management PLC

Mercia is a private capital asset manager focused on supporting regional SMEs
to achieve their growth aspirations. Mercia provides capital across its four
asset classes of venture, debt, private equity and proprietary capital: the
Group's 'Complete Connected Capital'.

The Group has a strong UK footprint through its 11 regional offices, extensive
local adviser and personal networks, and university partnerships, providing it
with access to high-quality deal flow.

Mercia Asset Management PLC is quoted on AIM with the EPIC "MERC".

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  POSSSWSMFEISEFW