Genel Energy PLC: Resumption of share buy-back

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                          [phone] 
 
Andrew Benbow, Head of Communications 
 
Vigo Communications                   [phone] 
 
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)