REG - Nexxen International - New $50 Million Ordinary Share Repurchase Program

Nexxen InternationalAnnouncement

19/11/2024 07:00

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RNS Number : 7016M  Nexxen International Ltd  19 November 2024

19 November 2024

 

Nexxen International Ltd

 

("Nexxen" or the "Company")

 

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, announces that the Company (directly and through its
subsidiaries) will begin a new repurchase program today for up to $50 million
of its Ordinary Shares from time to time.

 

The Company's Board of Directors believes repurchasing the Company's shares at
what it believes reflects discounted valuation levels represents a strong
investment opportunity that can generate long-term value for its shareholders.

 

About the Ordinary Share Repurchase Program

 

·      The Ordinary Shares will be repurchased on the AIM Market and the
repurchase program will be financed through existing cash reserves.

·      The period of the Buy-Back programme commences on 19 November
2024 and will end at the earlier of 14 February 2025 (being the expected last
day of dealing in the Ordinary Shares on AIM should the cancellation of
trading on AIM be voted through by shareholders) or once the $50 million has
been exhausted.

·      The repurchase program will be independently managed by Cavendish
Capital Markets Limited, the Company's AIM broker, which will make trading
decisions independently and without the influence of the Company, pursuant to
the engagement entered into and announced on 18 November 2024.

·      The maximum price paid per Ordinary Share is to be no more than
105% of the average middle market closing price of an Ordinary Share on AIM
for the five business days preceding the date of purchase.

·      Share repurchases will be made in accordance with applicable
securities laws and regulations, and any Ordinary Shares acquired as a result
of the repurchase program will be announced to the market without delay.

·      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.

·      Any Ordinary Shares acquired by a subsidiary of the Company as a
result of the repurchase program will not be reclassified as dormant shares
under the Israeli Companies Law, but such Company subsidiary will not have any
voting rights with respect to the acquired Ordinary Shares.

·      The share repurchase program does not obligate Nexxen 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.

·      Due to the limited liquidity in the issued Ordinary Shares, any
repurchase of Ordinary Shares on any trading day may represent a significant
proportion of the daily trading volume in the Ordinary Shares on AIM and may
exceed 25% of the average daily trading volume, being the limit laid down in
Article 5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company will
not benefit from the exemption contained in this Article.

 

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

 

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