Bioquell PLC Statement re Share Buyback Programme (9664D)

TIDMBQE

RNS Number : 9664D

Bioquell PLC

03 May 2017

Bioquell PLC

("Bioquell", or "the Company")

Share Buyback Programme

Bioquell announces its intention to continue to reduce its capital by means of purchasing its ordinary shares from time to time ("Share Repurchases") using its existing cash resources, pursuant to the general authority given to it at the Company's General Meeting held on 26 April 2017 to make Share Repurchases totaling 2,231,280 million shares (the "Maximum Amount").

Accordingly, any shareholders wishing to sell shares can contact the Company's broker N+1 Singer. Share Repurchases shall be at the discretion of the directors of the Company and shall be effected in such manner and on such terms as they may from time to time determine.

When making Share Repurchases, N+1 Singer may purchase, on behalf of the Company, ordinary shares provided that the maximum price payable for an ordinary share on the London Stock Exchange is an amount equal to the higher of:

a. 105 per cent. of the average market value of the Company's ordinary shares for the five business days immediately preceding the day on which such share is contracted to be purchased; or

b. the higher of the price of the last independent trade and the highest current bid, as stipulated by article 5(6) of regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing the Market Abuse Directive and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.

Share Repurchases may be undertaken until the earlier of the Maximum Amount being repurchased and Bioquell's next Annual General Meeting. Any shares repurchased will be held in Treasury.

Due to the limited liquidity in trading of Bioquell's shares, Share Repurchases on any trading day are likely to represent a significant proportion of the daily trading volume in the ordinary shares (and are likely to exceed the 25% threshold of the average daily trading volume in both the month preceding this announcement and the 20 trading days preceding the date of the purchase as is set out in the Commission Delegated Regulation (EU) 2016/1052 and, as such, the Company would be deviating from the safe harbour set out in Article 5(1) of the Market Abuse Regulation (Regulation 596/2014)).

As part of the Share Repurchases, Harwood Capital LLP will sell a sufficient number of ordinary shares such that its aggregate holding remains less than 30 per cent. of the reduced share capital of the Company carrying voting rights.

The Company will make further announcements in due course following the completion of any Share Repurchases.

For further information, please contact:

 
Bioquell PLC                      Tel: [phone] 
Ian Johnson, Executive Chairman 
Michael Roller, Finance Director 
 
N+1 Singer                        Tel: [phone] 
Mark Taylor 
 

James White

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRUGUMPAUPMGQP

(END) Dow Jones Newswires

May 03, 2017 02:00 ET (06:00 GMT)