XLMedia have announced the proposed share buyback programme, following the approval of further authorities at the Company’s Annual General meeting on 29 May 2019. With XLMedia’s board approving the programme to buy back up to $10 million of the Company’s ordinary shares of USD 0.000001.
The programme will follow the previous share buyback programme which was announced December 2018, which has now completed. Following the 2018 programme, the Company purchased 11,728,150 Shares, which were weighted at an average price of 61.90 pence.
Purchases of Shares will take place via open market transactions and may be made from time to time depending on market conditions, share price, trading volume as well as other factors.
Share purchases will not exceed the 20,990,350 Shares that the Company was authorised to purchase by shareholders at the Company’s most recent annual general meeting, held on 29 May 2018, with all purchases of Shares being effected within the parameters as to price and daily volume being specified in that authority.
The Company has appointed Joh. Berenberg, Gossler & Co. KG, London Branch (“Berenberg”) to manage the Programme, which comprises an irrevocable, non-discretionary programme to repurchase Shares on its behalf. The Company and its directors have no power to invoke any changes to the Programme and will be conducted at the sole discretion of Berenberg.
The Programme will run from the date of this announcement until the earlier of 29 November 202 and the conclusion of the 202 annual general meeting of the Company. Purchases may continue during any closed period to which the Company is subject during this period.
The purpose of the Programme is to reduce the share of capital of the Company and return funds to shareholders who sell their Shares, with repurchased Shares being held in treasury. The Programme will be funded by the Company’s existing cash balancers, which were approximately US$44.6 million at 31 December, 2018, and will not affect the Company’s stated dividend policy of paying out at least 50 per cent of retained earnings.
Effects will come for The Programme within the parameters if the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU or applicable safe harbour. The details of purchases made pursuant to the Programme will be announced through RNS and published on the Company’s website – as required by the Market Abuse Regulation.
Total Voting Rights, as followed:
As at the date of this announcement, the Company’s issued share capital consists of 208,624,252 Ordinary Shares with a nominal value of US$0.000001 each (‘Ordinary Shares’). This figure of 208,624,252 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.