REG - RA Intnl Group PLC - Launch of Share Buyback Programme

Ra InternationalAnnouncement

08/06/2020 07:01

RNS Number : 1816P
  
RA International Group PLC
  
08 June 2020
  
 

8 June 2020
 
This announcement contains inside information
 
 
RA INTERNATIONAL GROUP PLC
("RA International" or the "Company")
 
Launch of Share Buyback Programme
 
RA International Group PLC (AIM: RAI), a leading provider of services to remote locations in Africa and the Middle East, announces that the Board has approved the commencement of a share buyback programme through which the Company will seek to make on-market purchases of ordinary shares of £0.1 each in the capital of the Company ("Ordinary Shares") up to a maximum of 5,000,000 Ordinary Shares ("the "Buyback Programme").
The Buyback Programme is being launched with immediate effect and is intended to provide the Company with a pool of Ordinary Shares which can primarily be used to incentivise and retain key Directors, officers and staff, who are critical to enhancing the future market value of the Company. The first tranche of awards is expected to be made in the second half of 2020. 
In accordance with the resolution passed at the Company's Annual General Meeting held on 24 June 2019 ("AGM"), purchases can be made pursuant to the Buyback Programme provided, inter alia, that:
i.      the maximum aggregate number of ordinary shares which may be purchased is 17,357,574; 
ii.     the minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.1; 
iii.    the maximum price (exclusive of expenses) which may be paid for any ordinary share does not exceed the higher of: (a) 5% above the average middle market prices of the ordinary shares on the London Stock Exchange Daily Official List for the five business days immediate preceding the date on which the Company agrees to buy the shares concerned; and (b) the higher of the price of the last independent trade of any ordinary share and the highest independent current bid for an ordinary share derived from the London Stock Exchange at the time the purchase is carried out.
At the time of the AGM the Company indicated that following a market purchase of its own shares, the shares purchased would be cancelled. The Company intends to retain the ability to re-issue any Ordinary Shares acquired through the Buyback Programme in order to incentivise and retain key Directors, officers and staff and pursuant to the future exercise of existing options and warrants. Accordingly, any Ordinary shares acquired as a result of the Buyback Programme will be held in treasury and their purchase will be announced to the market without delay.
The Buyback Programme will be independently managed by Cenkos Securities plc, the Company's broker, which will make trading decisions independently and without the influence of the Company. 
Due to the liquidity in the issued Ordinary Shares, any Buyback of Ordinary Shares pursuant to the Company's existing authority on any trading day may represent a significant proportion of the daily trading volume in the Ordinary Shares on AIM and may exceed 25 per cent 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 safe harbour contained in this Article.
 
* * * * *
Enquiries:




RA International Group PLC
Soraya Narfeldt, Chief Executive Officer
Lars Narfeldt, Chief Operating Officer
Andrew Bolter, Chief Financial Officer
 


Via Hudson Sandler




Cenkos Securities PLC (Nominated Adviser and Broker)
Derrick Lee
Peter Lynch
 


+44 (0)131 220 6939




Hudson Sandler LLP (Financial PR & IR)
Daniel de Belder
Bertie Berger
 


+44 (0)207 796 4133
rainternational@hudsonsandler.com




 
 
About RA International 
RA International is a leading provider of services to remote locations in Africa and the Middle East. The Company offers its services through three channels: construction, integrated facilities management and supply chain, and services three main client groups: humanitarian and aid agencies, governments and commercial customers, predominantly in the oil and gas and mining sectors. It has a strong customer base, largely comprising UN agencies, western governments and global corporations.
 
The Company provides comprehensive, flexible, mission critical support to its clients enabling them to focus on the delivery of their respective businesses and services. Focusing on integrity and values alongside making on-going investment in its people, locations and operations has over time created a reliable and trusted brand within its sector.
 


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 or visit www.rns.com.
 
  END
 
 
POSUBUURRUUNRAR