TIDMASTO
RNS Number : 0619B
AssetCo PLC
29 September 2022
29 September 2022
LEI: 213800LFMHKVNT27GV45
AssetCo plc ("AssetCo" or the "Company")
Share Repurchase Programme and Result of General Meeting
AssetCo, the agile asset and wealth management company, is
pleased to announce that, at its General Meeting held on 28
September 2022, the resolution put to shareholders seeking their
authority (the "General Authority") to repurchase up to a maximum
of 14,929,297 ordinary shares of 1 pence each ("Ordinary Shares")
was duly passed by the requisite majority, following which the
Board of Directors has approved a share repurchase programme to
return up to a maximum aggregate amount of GBP7.5 million to the
Company's shareholders (the "Programme").
About the Programme
-- The Programme will be financed through existing cash resources.
-- The Company has initially appointed Panmure Gordon (UK)
Limited ("Panmure Gordon") to independently manage the Programme to
repurchase Ordinary Shares on its behalf and within certain defined
parameters.
-- The aggregate number of Ordinary Shares acquired by the
Company pursuant to the Programme shall not exceed the maximum
number of Ordinary Shares which the Company is authorised to
purchase pursuant to the General Authority.
-- In accordance with the General Authority, the maximum price
paid per Ordinary Share acquired by the Company pursuant to the
Programme is to be no more than 105% of the average middle market
closing price of an Ordinary Share on AIM for the five business
days preceding the date of purchase.
-- The Programme will commence on the date of this announcement
and will continue until the earlier of either the expiration of the
General Authority or until the maximum pecuniary amount has been
purchased under the Programme.
-- The purchased Ordinary Shares will be held by the Company in
treasury at the Company's discretion for later reissue or
cancellation. Shares held in treasury are not entitled to dividends
and have no voting rights at the Company's general meetings.
-- Share repurchases will take place in open market transactions
and may be made from time to time depending on market conditions,
share price and trading volume. The maximum price paid per Ordinary
Share will be no more than the higher of the price of the last
independent trade and the highest current independent purchase bid
for Ordinary Shares on the trading venue where the purchase is
carried out.
-- The Company confirms that it currently has no unpublished inside information.
-- The Programme will operate in accordance with and under the
terms of the relevant General Authority, and within the regulatory
limit on the quantity of Ordinary Shares the Company may purchase
on a single day. The Programme will be conducted within the
parameters of the Market Abuse Regulation 596/2014/EU and the
delegated regulations made pursuant to it.
-- As at 28 September 2022, the Company's total issued share
capital consisted of 149,292,970 Ordinary Shares, with one voting
right per share. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of voting rights in the
Company was 149,292,970.
Result of General Meeting
At the general meeting which took place at 3pm on 28 September
2022, the following resolution (the "Resolution"), which was
proposed as a special resolution, was duly passed by the requisite
majority:
Resolution
In substitution for all existing authorities the Company be and
is generally and unconditionally authorised for the purposes of
section 701 of the Companies Act 2006 (the "Act") to make one or
more market purchases (within the meaning of section 693(4) of the
Act) on the AIM market of the London Stock Exchange of its ordinary
shares of GBP0.01 each ("Ordinary Shares") provided that:
(a) the maximum aggregate number of Ordinary Shares authorised
to be purchased is 14,929,297;
(b) the minimum price which may be paid for such Ordinary Shares
is GBP0.01 per Ordinary Share;
(c) the maximum price which may be paid for an Ordinary Share
shall not be more, at the time of purchase, than the amount equal
to 105 per cent. of the average of the middle market quotations for
an Ordinary Share as derived from the London Stock Exchange for the
five business days immediately preceding the date on which the
Ordinary Share is purchased;
(d) unless previously renewed, varied or revoked, the authority
conferred shall expire at the conclusion of the next Annual General
Meeting of the Company in 2023 or fifteen months, after the passing
of this Resolution whichever is the earlier; and
(e) the Company may make a contract or contracts to purchase
Ordinary Shares under the authority conferred by this Resolution
prior to the expiry of such authority which will or may be executed
wholly or partly after the expiry of such authority and may make a
purchase of Ordinary Shares in pursuance of any such contract or
contracts, as if such authority had not expired.
For further information, please contact:
AssetCo plc Numis Securities Limited
Campbell Fleming, CEO Nominated adviser and joint
Peter McKellar, Deputy Chairman broker
Tel: +44 (0) 785 0464 301 Giles Rolls / Charles Farquhar
Tel: +44 (0) 20 7260 1000
Panmure Gordon (UK) Limited Maitland/AMO
Joint broker Neil Bennett
Charles Leigh-Pemberton / Atholl Rachel Cohen
Tweedie Tel: +44 (0) 20 7379 55151
Tel: +44 (0) 20 7886 2500
For further details, visit the website, www.assetco.com
Ticker: AIM: ASTO.L
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END
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