Share Buyback Programme and Interims Extension
10 November 2020
Prime People plc
("Prime People" or the "Group")
Intention to Purchase Own Shares and Interim Results Extension
Prime People Plc (AIM: PRP), the global specialist recruitment business for professional and technical staff working in the Real Estate & Built Environment and Digital & Data Analytics sectors, announces that, under the authority granted to it at the most recent Annual General Meeting held on 22 September 2020, it will seek to make market purchases of ordinary shares of 10 pence each in the capital of the Group ("Ordinary Shares") (the "Buyback").
In addition, further to the COVID-19 guidance provided by AIM Regulation in "Inside AIM" on 9 June 2020, the Group intends to publish its interim results for the six months ended 30 September 2020 by 31 January 2021.
Under the Buyback, 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 Group. The Group expects to commence making market purchases today and to cease by 31 December 2020 at the latest, being the last date prior to the Group entering a statutory closed period in respect of its interim results for the six-month period ended 30 September 2020.
The Group will seek to make market purchases of Ordinary Shares with a value of up to £0.25 million, providing it can achieve the purchases at a price or prices that the Group 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 Group 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 22 September 2020 under which, inter alia, the minimum price which may be paid by the Group is 10 pence per Ordinary Share, and the maximum price which may be paid by the Group 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 Group will make further regulatory announcements to shareholders in respect of purchases of Ordinary Shares by the Group as they occur.
For further information, please contact:
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Prime People Robert Macdonald, Executive Chairman |
020 7318 1785 |
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Donka Zaneva-Todorinski, Finance Director |
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Cenkos Securities plc |
020 7397 8900 |
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Katy Birkin/Nick Wells/Harry Hargreaves |
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