Genel Energy PLC (GENL)
Genel Energy PLC: Resumption of share buy-back
08-Aug-2019 / 07:00 GMT/BST
Dissemination of a Regulatory Announcement that contains inside information
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
8 August 2019
Genel Energy plc
Resumption of share buy-back
Genel Energy plc ('Genel' or 'the Company') will resume a share buy-back
programme of up to $10 million, as previously announced on 25 June 2019, in
the period up to and including 17 September 2019. The Company previously
purchased shares to a total of just under $3 million. The programme will be
effected in accordance with the authority granted by the shareholders at the
most recent AGM, pursuant to which the maximum number of ordinary shares
that may be bought back is 27,924,235.
Genel believes that the current share price significantly undervalues the
Company's assets, and that utilising its balance sheet to repurchase shares
represents a value accretive use of its cash resources.
It is currently intended that the purchased shares will be held as treasury
shares.
Canaccord Genuity Wealth Limited will continue to conduct the programme.
Any buy-back of the Shares pursuant to the Programme will be effected in
accordance with Chapter 12 of the UKLA Listing Rules, the EU Market Abuse
Regulation 596/2014 and the Commission Delegated Regulation (EU) 2016/1052
(and within the meaning of this Regulation the purpose of the Programme is
to reduce the capital of the Company). The market will be notified in
accordance with those rules if and when purchases are made.
-ends-
For further information, please contact:
Genel Energy +44 20 7659 5100
Andrew Benbow, Head of Communications
Vigo Communications +44 20 7390 0230
Patrick d'Ancona
This announcement contains inside information.
Notes to editors:
Genel Energy is an independent oil and gas exploration and production
company listed on the main market of the London Stock Exchange (LSE: GENL,
LEI: 549300IVCJDWC3LR8F94). The Company, with headquarters in London and
offices in Ankara and Erbil, is one of the largest London-listed independent
oil producers, and is the largest holder of reserves and resources in the
Kurdistan Region of Iraq. Genel has highly cash-generative oil production
from the Taq Taq and Tawke licences, with material growth potential from
other assets in the portfolio. Genel also continues to pursue further growth
opportunities. For further information, please refer to www.genelenergy.com
[1].
ISIN: JE00B55Q3P39
Category Code: MSCH
TIDM: GENL
LEI Code: 549300IVCJDWC3LR8F94
Sequence No.: 16062
EQS News ID: 853989
End of Announcement EQS News Service
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=3ec46b352f38452116096dbbab51b09e&application_id=853989&site_id=vwd&application_name=news
(END) Dow Jones Newswires
August 08, 2019 02:00 ET (06:00 GMT)
