Intention to repurchase shares

 

TIDMBRST 
 
RNS Number : 6253R 
Burst Media Corporation 
05 May 2009 
 

 
 
5 May 2009 
Burst Media Corporation ("Burst" or the "Company") 
 
 
Intention to repurchase shares 
 
 
Further to the repurchase by the Company of 9,800,000 common shares of US$0.01 
each ("Burst Shares") on 21 January 2009, the Company announces that it has been 
authorised by the Burst Board to make additional on-market purchases of Burst 
Shares up to an aggregate market value of US$500,000 (the "Repurchases"). It is 
intended that any Burst Shares repurchased pursuant to this authorisation will 
be cancelled. 
 
 
The Repurchases are intended to return capital which is deemed by the Board to 
be surplus to the Company's current requirements and to provide Burst 
shareholders with an amount of liquidity. The Board notes that Burst Shares are 
currently trading at a level which is below the amount per Burst Share of the 
Company's net cash balances which, at 31 March 2009, were US$10.7 million. 
 
 
The Board has again appointed a committee to oversee the Repurchases and has 
imposed the following parameters: 
 
 
+-----+----------------------------------------------------------------------+ 
| *   | Repurchases should only be effected when the Company is not in a     | 
|     | "close period";                                                      | 
+-----+----------------------------------------------------------------------+ 
| *   | The maximum price paid per Burst Share should be no higher than five | 
|     | per cent above the average closing market price of a Burst Share for | 
|     | the five business days prior to the day any repurchase is made; and  | 
|     |                                                                      | 
+-----+----------------------------------------------------------------------+ 
| *   | Repurchases should be notified by the Company without delay.         | 
+-----+----------------------------------------------------------------------+ 
 
 
For the avoidance of doubt, the Company will not repurchase any Burst Shares 
from members of the Board. The Company confirms that there is currently no 
unpublished price sensitive information. 
 
 
It should be noted that the City Code on Takeovers and Mergers does not apply to 
the Company. 
 
 
Jarvis Coffin, Chief Executive Officer of Burst, commented: 
 
 
"The Board, having prudently considered the ongoing cash requirements of the 
Company, is pleased to be in a position to authorise the return of additional 
capital to shareholders." 
 
 
Enquiries: 
 
 
+-------------+-----------------+ 
| Burst       |                 | 
| Media       |                 | 
| Corporation |                 | 
+-------------+-----------------+ 
| Jarvis      | Tel:            | 
| Coffin,     | [phone] | 
| Chief       |                 | 
| Executive   |                 | 
| Steve       |                 | 
| Hill,       |                 | 
| Chief       |                 | 
| Financial   |                 | 
| Officer     |                 | 
+-------------+-----------------+ 
|             |                 | 
+-------------+-----------------+ 
| Altium      |                 | 
+-------------+-----------------+ 
| Tim         | Tel:            | 
| Richardson  | +44             | 
| / Paul      | (0) 20          | 
| Chamberlain | 7484 4040       | 
+-------------+-----------------+ 
|             |                 | 
+-------------+-----------------+ 
| Hudson      |                 | 
| Sandler     |                 | 
+-------------+-----------------+ 
| Nick        | Tel:            | 
| Lyon /      | +44             | 
| James       | (0) 20          | 
| White       | 7796 4133       | 
+-------------+-----------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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