Prime People PLC Intention to purchase own shares (9836V)

TIDMPRP

RNS Number : 9836V

Prime People PLC

09 November 2017

9 November 2017

Prime People plc

("Prime People" or the "Company")

Intention to purchase own shares

The Company announces that, under the authority granted to it at the most recent AGM held on 28 July 2017, it seeks to acquire in the market ordinary shares of 10 pence each in the capital of the Company ("Ordinary Shares") commencing on 20 November 2017, being 7 working days from the date of this announcement.

The purchased shares will be held in treasury and will be utilised to meet current and future obligations arising from share incentive arrangements with employees of the Company.

The Company will seek to make market purchases of up to 300,000 Ordinary Shares, providing it can achieve the purchases at a price or prices that the Company believes will be good value for shareholders. Notwithstanding the average daily volume restrictions set out in Article 3(3) (b) of the Commission Delegated Regulation (EU) 2016/1052, the Company expects to make purchases in excess of these volume restrictions, subject to prevailing market conditions and liquidity.

The purchase price to be offered will conform with the restrictions set out in the AGM resolution passed on 28 July 2017, under which the minimum price which may be paid by the Company is 10 pence per Ordinary Share, and the maximum price which may be paid by the Company shall not be more than 5 per cent above the average of the middle market quotations for an Ordinary Share as derived from the London Stock Exchange Plc for the five business days immediately preceding the date on which the Ordinary Shares are purchased.

The Company will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares by the Company as they occur.

Robert Macdonald, Executive Chairman, commented:

"The Board believes employee share ownership is a dynamic, positive and particularly valuable aspect of the Company's arrangements with its staff. Given the Company's strong cash position, purchasing shares into treasury allows non-dilutive satisfaction of share incentives and an efficient use of a small part of our cash resources."

For further information please contact:

 
 Prime People plc               020 7318 1785 
 Robert Macdonald, Executive 
  Chairman 
 Donka Zaneva-Todorinski, 
  Finance Director 
 
 Cenkos Securities              020 7397 8900 
 Elizabeth Bowman - Nomad 
 Julian Morse - Sales 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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November 09, 2017 02:02 ET (07:02 GMT)