Oleeo PLC Proposed Market purchase of shares (1611N)

TIDMOLEE

RNS Number : 1611N

Oleeo PLC

15 January 2019

15 January 2019

Oleeo plc

("OLEE" or the "Company")

Proposed Market purchase of shares

The Company announces that pursuant to the approval it received at the Annual General Meeting on 14 December 2018 it has authority to make market purchases of its ordinary shares, including in situations if ordinary shares become available from a director. The maximum amount of money allocated to the proposed share buyback is GBP50,000.

The Company may purchase Ordinary Shares provided that:

1) the maximum price payable for an ordinary share on the Exchange is an amount equal to the higher of 105 per cent. of the average market value of the Company's ordinary shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which such share is contracted to be purchased.

Given the limited liquidity in the ordinary shares, the Company may not be able to benefit from the exemption laid down in Article 5(1) of Regulation (EU) No 596/2014, whereby the Company would not purchase shares at a price higher than the higher of the price of the last independent trade and the highest current independent purchase bid on the trading venue where the purchase is carried out.

2) the aggregate number of ordinary shares which may be acquired on behalf of the Company in connection with the buyback shall not exceed 1,524,010 ordinary shares.

Due to the limited liquidity in the ordinary shares, a buy-back of ordinary shares on any trading day is likely to represent a significant proportion, or possibly all, of the daily trading volume in the ordinary shares on the London Stock Exchange (and is likely to exceed the 25% limit of the average daily trading volume as laid down in Article 5(1) of Regulation (EU) No 596/2014 and as such the Company will not benefit from this exemption).

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information please contact:

 
 Enquiries 
 
  Oleeo plc 
    Charles Hipps, Managing Director, 
    Telephone: [phone] 
 
  Panmure Gordon (UK) Limited 
   Nominated Adviser 
   Andrew Potts 
   Telephone: [phone] 
 

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January 15, 2019 07:40 ET (12:40 GMT)