REG - GLI Finance Limited - ZDP Tender Offer Update and Buyback Programme

Sancus LendingAnnouncement

26/02/2021 17:20

RNS Number : 5835Q
  
GLI Finance Limited
  
26 February 2021
  
 

 
26 February 2021
 
GLI Finance Limited ("the Company")
 
ZDP Tender Offer Update and Buyback Programme
 
As previously announced by the Company on 17 November 2020, the Board of Directors of the Company (the "Board") intend to conduct a tender offer (the "Tender Offer") for approximately 25 per cent. of the Company's zero dividend preference shares of no par value (the "ZDP Shares"), which was expected to be completed on or around 31 March 2021. A Circular in respect of the Tender Offer  is expected to be sent to shareholders shortly following the publication of the Company's annual report for the financial year ended 31 December 2020, which is expected to be published on or around 29 March 2021, with completion of the Tender Offer expected to take place in mid-April 2021. 
 
The Company further announces that it has appointed Liberum Capital Limited to manage an irrevocable non-discretionary share buyback programme, to purchase up to £1,000,000 ZDP Shares (the "Buyback Programme") pursuant to the authority granted to the Directors by Shareholders at the Company's Annual General Meeting held on 12 May 2020 (the "AGM") to acquire up to 100% of the ZDP Shares in issue, The Buyback Programme is expected to commence immediately and end no later than 30 April 2021.  
 
In accordance with the resolution passed at the AGM, purchases can be made pursuant to the Buyback Programme provided, inter alia, that (a) the maximum price which may be paid for a ZDP Share shall be 105% of the average of the middle market quotations of the ZDP Shares for the five business days immediately preceding the date of purchase; and (b) the minimum price which may be paid per ZDP Share shall be £0.01.
 
The Company has 20,791,418 ZDP Shares in issue, of which 12,009,030 ZDP Shares are held by the Company as treasury shares. ZDP Shares purchased by the Company pursuant to the Buyback Programme will be held in treasury. 
 
Shareholders should be aware that a purchase of ZDP Shares by the Company on any trading day may represent a significant proportion of the daily trading volume in the ZDP Shares and could exceed 25 per cent of the average daily trading volume of the preceding 20 business days.
 
For further information, please contact:
 
GLI Finance Limited
Andy Whelan
+44 (0)1534 708900
 
Liberum Capital (Nominated Adviser and Corporate Broker)
Chris Clarke
Edward Thomas
+44 (0) 20 3100 2190
 
Instinctif Partners (PR Advisor)
Tim Linacre/Lewis Hill
+44 (0)207 457 2020
 
LEI: 213800S2XOO3YSEGCA26
 

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.

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.
 
  END
 
 
MSCFLFLDFRIRFIL