Exercise of Options and Buyback of Option Shares
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Press Release |
9 March 2018 |
System1 Group PLC (AIM: SYS1)
formerly BrainJuicer Group PLC
("System1", or "the Company", or "the Group")
Exercise of Options
and Buyback of Option Shares
The Company announces that on 8 March 2018, following the exercise of share options by option holders, including a PDMR, it transferred 22,598 ordinary shares of 1 pence each in the Company ("Ordinary Shares") which were previously held in treasury to the option holders. Such options were due to expire on 11 March 2018.
The PDMR, Orlando Wood, exercised options over 12,000 Ordinary Shares and intends to retain those shares.
Following the above transactions, the Company holds 739,750 Ordinary Shares as treasury shares and its total number of Ordinary Shares with voting rights is now 12,487,023.
The Company also announces a share buyback to make market purchases of up to 10,598 of these option shares using existing cash resources of up to £40,000 ("Share Repurchases") prior to 15 March 2018. This amount is within the amount permitted pursuant to the general authority given to it at the Company's 2017 Annual General Meeting.
The Share Repurchases shall not be executed at a price higher than the higher of the price of the last independent trade and the highest current independent purchase bid on the London Stock Exchange at the time the purchase is carried out.
Due to the general illiquidity in trading of System1's shares, in order for the Company to effect the Share Repurchases, it will likely be purchasing materially in excess of the limit of 25 per cent. of the average daily volume in both the month preceding this announcement and the 20 trading days preceding the date of the purchase as is set out in the Commission Delegated Regulation (EU) 2016/1052 and, as such, the Company would be deviating from the safe harbour set out in Article 5(1) of the Market Abuse Regulation (Regulation 596/2014). Should a repurchase exceed the 25 per cent. level, such repurchase is likely to represent a significant proportion of the daily trading volume.
The Company will make further announcements in due course following the completion of any Share Repurchases.
The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
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1. |
Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA") |
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a) |
Name |
Orlando Wood |
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2. |
Reason for the notification |
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a) |
Position / status |
PDMR |
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b) |
Initial notification / amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
System1 Group PLC |
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b) |
Legal Entity Identifier |
213800TDLR42C3Q9ZB74 |
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4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a) |
Description of the financial instrument |
Options over Ordinary Shares GB00B1GVQH21 |
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b) |
Nature of the transaction |
Exercise of options |
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information - Aggregated volume - Aggregated price - Aggregated total |
N/A - single transaction |
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e) |
Date of the transaction |
8 March 2018 (UK) |
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f) |
Place of the transaction |
Outside a trading venue |
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The Company can be found at www.system1group.com.
For further information, please contact:
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System1 Group PLC |
Tel: +44 (0)20 7043 1000 |
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John Kearon, Chief Executive Officer |
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James Geddes, Chief Financial Officer |
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Canaccord Genuity Limited |
Tel: +44 (0)20 7523 8000 |
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Simon Bridges / Emma Gabriel |
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This information is provided by RNS
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