REG - Zytronic PLC - Share Buyback

ZytronicAnnouncement

17/02/2022 16:15

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220217:nRSQ0521Ca&default-theme=true

RNS Number : 0521C  Zytronic PLC  17 February 2022

17 February 2022

Zytronic plc

("Zytronic" or the "Company")

Share Buyback

Zytronic, a leading specialist manufacturer of touch sensors, is pleased to
announce that it intends to conduct on-market purchases under a share buyback
programme to repurchase up to 1,712,872 ordinary shares of 1p each in the
capital of the Company (the "Ordinary Shares"), representing up to
approximately 15.0 per cent of the Company's current issued share capital,
pursuant to the authorities obtained at the Company's last annual general
meeting ("AGM"), and at the general meeting to authorise the Company's tender
offer, both held on 25 February 2021 (the "Buyback").

The purpose of the Buyback is to return cash to shareholders and to reduce the
share capital of the Company. The Buyback will be funded from the Company's
existing surplus cash resources and all Ordinary Shares purchased will be
cancelled. Any purchases made following the Company's next AGM being held on
3 March 2022 will be conditional upon shareholder approval of the Company's
general buyback authority being obtained at that meeting and subject to the
limit of 1,141,915 Ordinary Shares, or approximately 10.0 per cent of the
Company's issued share capital at the time of issue of notice of the 2022 AGM.
The Company intends to operate the Buyback from the date of this announcement
until the earlier of the 2023 Annual General Meeting or 31 March 2023.

The Company has appointed Singer Capital Markets Securities Limited ("Singer
Capital Markets") to execute and manage the Buyback and has given an
irrevocable instruction to Singer Capital Markets to make market purchases of
Ordinary Shares on its behalf, independently to the Company. Singer Capital
Markets will make its trading decisions in relation to the Ordinary Shares
independently of the Company.

The maximum price which may be paid by the Company per Ordinary Share shall
not be more than the higher of 5 per cent above the average middle market
quotations for an Ordinary Share (as derived from the London Stock Exchange
Daily Official List) for the five business days immediately preceding the date
of repurchase.

The Company has determined that it will not rely on the safe harbour
conditions for trading set out in Article 3(2) and Article 3(3) of the
Commission Delegated Regulation (EU) 2016/1052 (which forms part of domestic
UK law pursuant to the European Union (Withdrawal) Act 2018) given the limited
liquidity in the Ordinary Shares and limitations that the conditions would
impose on the number of Ordinary Shares that can be purchased and, as such,
the Company may (a) purchase Ordinary Shares at a price higher than the higher
of the price of the last independent trade and the highest current independent
bid for an Ordinary Share, and (b) purchase on any trading day materially in
excess of 25 per cent of the average daily volume in the 20 trading days
preceding the date on which the purchase is carried out.

There is no guarantee that the Buyback programme will be implemented in full
or that any purchases will be made.

As at the time of this announcement, the Company's total issued share capital
consists of 11,419,152 Ordinary Shares with one voting right per share. The
Company does not hold any Ordinary Shares in treasury, therefore, the total
number of Ordinary shares carrying voting rights is 11,419,152.

The above figure of 11,419,152 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, the Company under
the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).

 Enquiries:

Zytronic plc                               0191 414 5511

 Mark Cambridge, Chief Executive

 Claire Smith, Group Finance Director

 Singer Capital Markets                     020 7496 3000

 (Nominated Adviser and Broker)

 Aubrey Powell, Rachel Hayes, Amanda Gray

 

 About Zytronic

 Zytronic is a world-renowned developer and manufacturer of a unique range of
 internationally award winning optically transparent interactive touch sensor
 overlay products for use with electronic displays in industrial, self-service
 and public access equipment.

 Zytronic's products employ a sensing solution that is readily configurable and
 embedded in a laminate core that offers significant durability, environmental
 stability and optical enhancement benefits to system designers specific
 requirements.

 Zytronic has continually developed process and technological know-how and IP
 since the late 1990's around two sensing methodologies; the first being single
 touch self-capacitive which Zytronic markets as PCT™ ("Projected Capacitive
 Technology") and the second being multi-touch, multi-user mutual-capacitive
 which Zytronic markets as MPCT™ ("Mutual Projected Capacitive Technology"),
 in which Zytronic holds five granted patents.

 Zytronic operates from a single site near Newcastle-upon-Tyne in the United
 Kingdom. Zytronic is relatively unique in the touch eco-system as it offers a
 complete one-stop solution from processing internally the form and factor of
 the glass substrates, assembles their touch overlay products to customers
 specific requirements, in environmentally controlled cleanrooms and develops
 the bespoke firmware, software and electronic hardware to link the interactive
 overlays to customer's integrated systems and products.

 

About Zytronic

 

Zytronic is a world-renowned developer and manufacturer of a unique range of
internationally award winning optically transparent interactive touch sensor
overlay products for use with electronic displays in industrial, self-service
and public access equipment.

Zytronic's products employ a sensing solution that is readily configurable and
embedded in a laminate core that offers significant durability, environmental
stability and optical enhancement benefits to system designers specific
requirements.

Zytronic has continually developed process and technological know-how and IP
since the late 1990's around two sensing methodologies; the first being single
touch self-capacitive which Zytronic markets as PCT™ ("Projected Capacitive
Technology") and the second being multi-touch, multi-user mutual-capacitive
which Zytronic markets as MPCT™ ("Mutual Projected Capacitive Technology"),
in which Zytronic holds five granted patents.

Zytronic operates from a single site near Newcastle-upon-Tyne in the United
Kingdom. Zytronic is relatively unique in the touch eco-system as it offers a
complete one-stop solution from processing internally the form and factor of
the glass substrates, assembles their touch overlay products to customers
specific requirements, in environmentally controlled cleanrooms and develops
the bespoke firmware, software and electronic hardware to link the interactive
overlays to customer's integrated systems and products.

 

 

 

 

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 (mailto:rns@lseg.com)
 or visit
www.rns.com (http://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 (https://www.lseg.com/privacy-and-cookie-policy)
.   END  POSBLGDDXGBDGDR