GLI Finance Limited ZDP Tender Offer Update and Buyback Programme (5835Q)

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RNS Number : 5835Q

GLI Finance Limited

26 February 2021

26 February 2021

   GLI Finance Limited   ("the Company") 

ZDP Tender Offer Update and Buyback Programme

As previously announced by the Company on 17 November 2020, the Board of Directors of the Company (the "Board") intend to conduct a tender offer (the "Tender Offer") for approximately 25 per cent. of the Company's z ero dividend preference shares of no par value (the "ZDP Shares"), which was expected to be completed on or around 31 March 2021. A Circular in respect of the Tender Offer is expected to be sent to shareholders shortly following the publication of the Company's annual report for the financial year ended 31 December 2020, which is expected to be published on or around 29 March 2021, with completion of the Tender Offer expected to take place in mid-April 2021.

The Company further announces that it has appointed Liberum Capital Limited to manage an irrevocable non-discretionary share buyback programme, to purchase up to GBP1,000,000 ZDP Shares (the "Buyback Programme") pursuant to the authority granted to the Directors by Shareholders at the Company's Annual General Meeting held on 12 May 2020 (the "AGM") to acquire up to 100% of the ZDP Shares in issue, The Buyback Programme is expected to commence immediately and end no later than 30 April 2021.

In accordance with the resolution passed at the AGM, purchases can be made pursuant to the Buyback Programme provided, inter alia, that (a) the maximum price which may be paid for a ZDP Share shall be 105% of the average of the middle market quotations of the ZDP Shares for the five business days immediately preceding the date of purchase; and (b) the minimum price which may be paid per ZDP Share shall be GBP0.01.

The Company has 20,791,418 ZDP Shares in issue, of which 12,009,030 ZDP Shares are held by the Company as treasury shares. ZDP Shares purchased by the Company pursuant to the Buyback Programme will be held in treasury.

Shareholders should be aware that a purchase of ZDP Shares by the Company on any trading day may represent a significant proportion of the daily trading volume in the ZDP Shares and could exceed 25 per cent of the average daily trading volume of the preceding 20 business days.

For further information, please contact:

GLI Finance Limited

Andy Whelan

[phone]

Liberum Capital (Nominated Adviser and Corporate Broker)

Chris Clarke

Edward Thomas

[phone]

Instinctif Partners (PR Advisor)

Tim Linacre/Lewis Hill

[phone]

LEI: 213800S2XOO3YSEGCA26

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February 26, 2021 12:17 ET (17:17 GMT)