Share Buyback Programme

RNS Number : 2255G

Crossrider plc

19 November 2015

 

Crossrider plc

("Crossrider," the "Company" or the "Group")

Share Buyback Programme

Crossrider (AIM: CROS), the creator of digital advertising platforms specialising in monetising web and mobile media through the use of big data, announces that it has put in place with immediate effect a US$6 million share repurchase programme ("Programme"), currently representing approximately 5 per cent. of the Company's issued share capital.

Background to the Programme

The Company's ordinary shares ("Ordinary Shares") were admitted to trading on AIM in September 2014 ("Admission") in conjunction with a placing which raised net proceeds for the Company of approximately US$71 million. Since Admission, the Company's profitability has been in line with or exceeded market expectations. However, in the past 12 months, the Company's share price has fallen by c.50% since Admission. 

The Company continues to trade in line with expectations and as at 16 November 2015, the Group had net cash balances of US$74.9 million. Under the terms of the Programme, the Company has agreed to deploy up to US$6 million of its cash balances to repurchase its Ordinary Shares.   

Details of the Programme

The Programme will commence today and will remain open up until 8 January 2016 or such other date as the Company may determine and notify to a Regulatory Information Service from time to time. The repurchase programme will be managed by Shore Capital Stockbrokers Limited ("Shore Capital").

Any Ordinary Shares repurchased will be purchased on-market on the London Stock Exchange ("Exchange") in accordance with the parameters of the general authority to make market purchases of its own shares granted to the Company by its shareholders at the Company's AGM on 29 May 2015. Pursuant to and during the term of the Programme, Shore Capital may independently of, and without influence by the Company, purchase Ordinary Shares from time to time at its absolute discretion provided that the maximum price, exclusive of any expenses, which may be paid for each Ordinary Share is an amount equal to the higher of:

1.   105 per cent of the average of the middle market quotations for an Ordinary Share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the Ordinary Share is purchased; and

2.   the higher of the price of the last independent trade and the highest current independent bid for an Ordinary Share as stipulated by the Buy-back and Stabilisation Regulations (EC 2273/2003).

Due to the limited liquidity in the Ordinary Shares, repurchases under the Programme may on any day exceed 50% of the average daily trading volume in the Ordinary Shares in the month preceding this announcement or in the 20 trading days period preceding any repurchase (as referred to in the Commission Regulation (EC) No. 2273/2003 on buy-back programmes).

Any repurchase of shares made by Crossrider following commencement of the buyback programme will be announced no later than 7.30 a.m. on the business day following the business day on which the repurchase occurred. Any repurchased shares will be held in treasury.

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For more information contact

Crossrider plc Koby Menachemi, Chief Executive Officer Mark Carlisle, Chief Financial Officer c/o Bell Pottinger	[phone]
Shore Capital Bidhi Bhoma Toby Gibbs	[phone]
Bell Pottinger David Rydell James Newman Sam Cartwright	[phone]

About Crossrider

Crossrider is a creator of digital advertising platforms specialising in monetising web and mobile media through the use of big data. The Company's web and mobile platforms power ad networks, agencies and direct publishers and enable the delivery of relevant digital advertising through the analysis of big data: making online marketing significantly more efficient and cost effective.

The Group operates web and mobile platforms which generate big data, enabling the development of a proprietary ad serving algorithm and engine that can extract value from this data to deliver relevant advertising to targeted users.

Crossrider's vision is to become the de facto standard platform for delivering relevant web and mobile adverts to billions of people, powering the next generation of digital advertising.

www.crossrider.com 

 

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