XLMedia begins $10m share buyback
XLMedia a leading provider of digital performance marketing, is pleased to announce a share buyback programme.
XLMedia’s Board has approved a programme to buy back up to $10 million of the Company’s ordinary shares of USD 0.000001.
Purchases of Shares will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. Share purchases will fall within the maximum of 22,035,240 Shares that the Company was authorised to purchase by shareholders at the Company’s most recent annual general meeting held on 23 May 2018, and all purchases of Shares will be effected within the parameters as to price and daily volume specified in that authority.
The Company has appointed Joh. Berenberg, Gossler & Co. KG, London Branch (“Berenberg”) to manage the Programme, which comprises a, non-discretionary programme to repurchase Shares on its behalf. The Programme will run from the date of this announcement to the conclusion of the 2019 AGM of the Company. Purchases may continue during any closed period to which the Company is subject during this period.
The purpose of the Programme is to reduce the share capital of the Company and return funds to shareholders who sell their Shares; repurchased Shares will be held in treasury. The Programme will be funded from the Company’s existing cash balances which were approximately US$42.0 million as at 30 June 2018 and will not affect the Company’s stated dividend policy of paying out at least 50 per cent of retained earnings.
The Programme will also be effected within the parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU or applicable safe harbour. Details of all purchases made pursuant to the Programme will be announced via RNS and published on the Company’s website as required by the Market Abuse Regulation.