REG - Touchstar PLC - Results of AGM, Business Update & Share Buyback

TouchstarAnnouncement

Tue 12:30

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RNS Number : 2074O  Touchstar PLC  24 June 2025

 

Touchstar plc

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

Results of AGM

Business Update

Expansion of Share Buyback Programme

 

The Company announces that at its Annual General Meeting ("AGM") held earlier
today all resolutions were duly passed. The results of the proxy voting will
be available on the Company's website in due course, www.touchstarplc.com
(http://www.touchstarplc.com/) .

In conjunction with today's AGM of shareholders, Touchstar announces a
business update and an extension and expansion of Share Buyback Programme.

Business Update

·    Trading remains in line with the Board expectations

·    Lynden Jones approved as CEO and director of the company

·   As previously indicated the Company expects financial results for the
full year 2025 to be second half weighted.

·    Mark Hardy steps down from the position of CEO and as a director of
the Company

·  The next formal update to shareholders is anticipated to be the release
of the Company's interim results scheduled for mid - September.

 

Expansion of Share Buyback Programme

Touchstar plc (AIM: TST), suppliers of mobile data computing solutions and
managed services to a variety of industrial sectors, is pleased to announce
the launch of an extension and expansion initial share buyback programme of
ordinary shares of 5 pence each ("Ordinary Shares") now having the ability to
repurchase up to £1,000,000 worth of Ordinary Shares (the "Buyback
Programme"), effective from today.

The Board considers the Buyback Programme to be in the best interests of all
shareholders, given the cash generative nature of the business and the surplus
cash the Company holds. It is also consistent with the Board's desire to
increase shareholder value/ returns.

As previously reported the Company has appointed its broker, Zeus Capital
Limited ("Zeus"), to manage the Buyback Programme to repurchase Ordinary
Shares on its behalf and entered into an irrevocable and non-discretionary
arrangement on 6 May 2025 with Zeus, to enable Zeus to conduct the Buyback
Programme on a broker-managed basis. Zeus will make trading decisions in
relation to the Buyback Programme independently of the Company, within certain
defined parameters. This will be expanded from the current limit of £100,000
to £1,000,000 of shares to be purchased.

The Buyback Programme commences today and will end on the earlier of the date
upon which the aggregate consideration paid for Ordinary Shares reaches
£1,000,000 or the date of the Company's next annual general meeting (expected
to be in late June 2026) (the "Buyback Period"). During the Buyback Period the
Company has no power to invoke any changes to the authority and any purchases
will be undertaken by Zeus, acting independently of, and uninfluenced by the
Company. It is expected that the Buyback programme will be extended.

Ordinary Share repurchases will take place in open market transactions and may
be made from time to time depending on market conditions, share price and
trading volume. The Buyback Programme is in accordance with the Company's
general authority to purchase a maximum of 820,007 Ordinary Shares, granted by
its shareholders at the Annual General Meeting held on 24 June 2025, including
that the maximum price paid per Ordinary Share will be no more than: a) 105
per cent. of the average trading price of the Ordinary Shares as derived from
the middle market quotations for an Ordinary Share on the London Stock
Exchange Daily Official List for the five trading days immediately preceding
the date on which an Ordinary Share is contracted to be purchased; and b) the
higher of the price of the last independent trade and the highest current
independent purchase bid for Ordinary Shares on the trading venue where the
purchase is carried out.

Under the Buyback Programme, the repurchased shares will either be cancelled
or held in treasury at the Company's discretion for later reissue or
cancellation. Shares held in treasury are not entitled to dividends and have
no voting rights at the Company's general meetings.

The Buyback Programme will be conducted within the parameters of the Market
Abuse Regulation 596/2014/EU and the Commission Delegated Regulation
2016/1052/EU (each as in force in the UK from time to time, including where
relevant pursuant to the Market Abuse (Amendment) (EU Exit) Regulations
2019.

The Company will make further announcements in due course following any share
purchases conducted through the Buyback Programme.

Following this announcement, the issued share capital of the Company remains
unchanged at 8,475,077 and the Company holds 295,524 shares in treasury. The
total voting rights in the Company is 8,179,553, which may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change to
their interest in, Touchstar plc under the FCA's Disclosure Guidance and
Transparency Rules.

 

The Company confirms that it currently has no unpublished price sensitive
information.

For further information, please contact:

 

 Touchstar plc                                 www.touchstarplc.com (http://www.touchstarplc.com/)

 Ian Martin                                    0161 874 5050

 Mark Hardy                                    0161 874 5050

 Zeus - Nominated Adviser & Broker             0203 829 5000

 Investment Banking - Mike Coe/Darshan Patel

Information on Touchstar plc can be seen at: www.touchstarplc.com
(http://www.touchstarplc.com/)

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