REG - Tracsis PLC - Commencement of Share Buyback Programme

TracsisAnnouncement

24/04/2025 07:10

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RNS Number : 9436F  Tracsis PLC  24 April 2025

24 April 2025

 

Tracsis plc

("Tracsis" or the "Company")

Commencement of up to £3.0m Share Buyback Programme

 

On 24 April 2025, in its Unaudited Interim Results for the six months ending
31 January 2025, Tracsis announced its intention to launch a share buyback
programme of up to £3.0 million (the "Share Buyback Programme").

 

Tracsis has today entered into a non-discretionary agreement with Joh.
Berenberg, Gossler & Co. KG, London Branch ("Berenberg") to execute a
buyback for an aggregate value of up to £3.0 million (excluding any
associated costs and stamp duty) of the Company's ordinary shares of 0.4p each
("Ordinary Shares") and to make trading decisions under the Share Buyback
Programme independently of the Company in accordance with certain pre-set
parameters.

 

The purpose of the Share Buyback Programme is to reduce the share capital of
the Company. As such, the Company will cancel any Ordinary Shares purchased.
The Directors of the Company consider the Share Buyback Programme to be in the
best interests of the Company and its shareholders, returning surplus capital
to shareholders, whilst maintaining the financial flexibility to invest in the
Group's strategy.

 

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. There is no certainty that any share buybacks will be completed. The
Share Buyback Programme may be paused at any time if deemed appropriate by
Berenberg with respect to the market conditions.

 

Any share purchases will be made by the Company within certain pre-set
parameters and in accordance with the general authority of the Company to
repurchase Ordinary Shares granted by shareholders at the Company's Annual
General Meeting held on 22 January 2025, which permits the Company to purchase
no more than 1,517,674 Ordinary Shares.

 

During any closed periods, the Company and its Directors have no power to
invoke any changes to the programme and it will be executed at the sole
discretion of Berenberg. The Share Buyback Programme will commence today and
will continue until the earlier of (i) the proposed £3.0m amount has been
fully utilised, or (ii) publication of the Company's FY25 Full Year Results.

 

The Share Buyback Programme will initially be conducted in compliance with
Chapter 12 of the Financial Conduct Authority's Listing Rules and with
European Union (EU) Regulation No 596/2014 ("MAR") and the MAR buyback
technical standards (Commission Delegated Regulation (EU) 2016/1052) (the
"Technical Standards"), both of which form part of Retained EU Law as defined
in the European Union (Withdrawal) Act 2018. However, if the safe harbour
conditions were to constrain the Company's ability to execute the Share
Buyback Programme within the targeted timeframe given, for example, share
illiquidity, the Company may subsequently decide and announce its intention to
trade outside of the safe harbour conditions.

 

The Company will make further announcements in due course following the
completion of any repurchases. There is no guarantee that the Share Buyback
Programme will be implemented in full or that any Ordinary Shares will be
repurchased by the Company.

 

At the time of this announcement, the Company's share capital comprises
30,396,027 Ordinary Shares with each Ordinary Share carrying voting rights.

 

 

 Enquiries:

 Tracsis plc                                                              +44 (0)845 125 9162

 Chris Barnes, CEO

 Andy Kelly, CFO

 Berenberg (Nominated Adviser, Corporate Broker & Financial Adviser)      +44 (0)20 3207 7800

 Mark Whitmore / Richard Andrews / Mollie D'Arcy Rice

 James Thompson (QE)

 Alma Strategic Communications                                            +44 (0)20 3405 0205
 David Ison / Rebecca Sanders-Hewett / Joe Pederzolli

                                                                          tracsis@almastrategic.com

 

 

 

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