REG - Nexxen International - $50 Million Share Repurchase Program

Nexxen InternationalAnnouncement

17/10/2024 07:00

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RNS Number : 4860I  Nexxen International Ltd  17 October 2024

17 October 2024

 

Nexxen International Ltd

("Nexxen" or the "Company")

 

Nexxen Seeking Authorization for New $50 Million Ordinary Share Repurchase
Program

 

Nexxen International Ltd. (AIM/NASDAQ: NEXN) ("Nexxen" or the "Company"), a
global, flexible advertising technology platform with deep expertise in data
and advanced TV, today announced that the Company is seeking authorization to
repurchase directly (or through one or more of its subsidiaries) a further $50
million of its Ordinary Shares from time to time.

 

As an Israeli company, Nexxen is required to comply with newly-adopted Israeli
regulations that require the Company to await the expiration of a creditor
objection period before the new Ordinary Share repurchase program can become
effective. The newly adopted Israeli regulations replace the mandatory Israeli
court approval that was in effect prior to the new regulations, resulting in a
shorter authorization process. In addition, the commencement of the Ordinary
Share repurchase program is subject to receipt of the consent of the Company's
bank lenders.

 

Following the expiration of the creditor objection period, and assuming no
objections and the receipt of consent, the authorization will provide Nexxen
with the right to repurchase its Ordinary Shares but does not require the
Company or its subsidiaries to acquire any, or a specific number of, Ordinary
Shares.

 

The Company will provide an update upon commencement of the Ordinary Share
repurchase program and announce the terms of any program commenced or indicate
if the commencement of the program will be postponed due to Company creditor
objections or the Company's bank lenders not providing consent.

 

Any Ordinary Shares acquired by the Company as a result of the repurchase
program will be reclassified as dormant shares under the Israeli Companies Law
(without any rights attached thereon) and will be held in treasury, and any
Ordinary Shares acquired by a subsidiary of the Company as a result of the
repurchase program will be held by such subsidiary without any voting rights
under the Israeli Companies Law.

 

The share repurchase program does not obligate Nexxen or its subsidiaries to
repurchase any particular amount of Ordinary Shares and the program may be
suspended, modified, or discontinued at any time at the Company's discretion
(if not in a close period), subject to applicable law.

 

The Company's current Share Repurchase Program of up to $50 million expires on
1 November 2024.

 

About Nexxen

 

Nexxen empowers advertisers, agencies, publishers and broadcasters around the
world to utilize data and advanced TV in the ways that are most meaningful to
them. Our flexible and unified technology stack comprises a demand-side
platform ("DSP") and supply-side platform ("SSP"), with the Nexxen Data
Platform at its core. With streaming in our DNA, Nexxen's robust capabilities
span discovery, planning, activation, monetization, measurement and
optimization - available individually or in combination - all designed to
enable our partners to achieve their goals, no matter how far-reaching or
hyper niche they may be.

 

Nexxen is headquartered in Israel and maintains offices throughout the United
States, Canada, Europe and Asia-Pacific, and is traded on the London Stock
Exchange (AIM: NEXN) and NASDAQ (NEXN). For more information, visit
www.nexxen.com (http://www.nexxen.com) .

 

For further information please contact:

 

Nexxen International Ltd.

Billy Eckert, Vice President of Investor Relations
ir@nexxen.com (mailto:ir@nexxen.com)

 

Caroline Smith, Vice President of Communications

csmith@nexxen.com (mailto:csmith@nexxen.com)

 

Vigo Consulting (U.K. Financial PR & Investor Relations)

Jeremy Garcia / Peter Jacob

Tel: +44 20 7390 0230 or nexxen@vigoconsulting.com
(mailto:nexxen@vigoconsulting.com)

 

Cavendish Capital Markets Limited

Jonny Franklin-Adams / Seamus Fricker / Rory Sale (Corporate Finance)

Tim Redfern / Jamie Anderson (ECM)

Tel: +44 20 7220 0500

 

Forward Looking Statements

 

This press release contains forward-looking statements, including
forward-looking statements within the meaning of Section 27A of the United
States Securities Act of 1933, as amended, and Section 21E of the United
States Securities and Exchange Act of 1934, as amended. Forward-looking
statements are identified by words such as "anticipates," "believes,"
"expects," "intends," "may," "can," "will," "estimates," and other similar
expressions. However, these words are not the only way Nexxen identifies
forward-looking statements. All statements contained in this press release
that do not relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements regarding
benefits related to Nexxen's Ordinary Share repurchase programs, the timing of
Nexxen's Ordinary Share repurchase programs, and any other statements related
to Nexxen's future financial results and operating performance. These
statements are neither promises nor guarantees but involve known and unknown
risks, uncertainties and other important factors that may cause Nexxen's
actual results, performance or achievements to be materially different from
its expectations expressed or implied by the forward-looking statements.
Nexxen cautions you not to place undue reliance on these forward-looking
statements. For a more detailed discussion of these factors, and other factors
that could cause actual results to vary materially, interested parties should
review the risk factors listed in the Company's most recent Annual Report on
Form 20-F, filed with the U.S. Securities and Exchange
Commission (www.sec.gov (http://www.sec.gov) ) on March 6, 2024. Any
forward-looking statements made by Nexxen in this press release speak only as
of the date of this press release, and Nexxen does not intend to update these
forward-looking statements after the date of this press release, except as
required by law.

 

Nexxen, and the Nexxen logo are trademarks of Nexxen International
Ltd. in the United States and other countries. All other trademarks are the
property of their respective owners. The use of the word "partner" or
"partnership" in this press release does not mean a legal partner or legal
partnership.

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