| Tue 20 Dec 2011, 9:51 | | BCK - Blackstar Group SE - Blackstar Group SE announcement of share buy-back |
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BCK
BCK
BCK - Blackstar Group SE - Blackstar Group SE announcement of share buy-back
programme
Blackstar Group SE
Previously Blackstar Group PLC
(Incorporated in England and Wales)
(Company number SE 30)
(registered as an external company with limited liability in the Republic of
South Africa under registration number 2011/008274/10)
Share code: BCK
ISIN: GB00B0W3NL87
("Blackstar")
BLACKSTAR GROUP SE
ANNOUNCEMENT OF SHARE BUY-BACK PROGRAMME
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, DIRECTLY OR INDIRECTLY, TO
U.S. PERSONS OR INTO OR IN THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
20 December 2011
Further to today`s joint announcement relating to the withdrawal of
Blackstar Group SE`s ("Blackstar" or the "Company") offer to acquire the
entire issued share capital of Mvelaphanda Group Limited by way of a scheme
of arrangement, the Company would like to reiterate that, while it is
naturally disappointing not to be proceeding with the proposed acquisition,
Blackstar`s management is committed to seeking new opportunities that will
continue to enhance value for Blackstar shareholders.
Blackstar would like to announce the launch of a share buy-back programme
(the "Programme") with the objective of reducing the discount to NAV at
which the Company`s shares currently trade. The Programme will commence with
effect from today and will be conducted in accordance with the authorisation
granted to the Company by shareholders at the AGM held on 22 June 2011.
Blackstar has appointed Liberum Capital Limited ("Liberum") to manage the
Programme and has authorised Liberum to effect on-market purchases of
ordinary shares of 0.76 Euro (the "Shares") on behalf of the Company on the
AIM Market of the London Stock Exchange plc (the "Exchange").
Pursuant to and during the term of the Programme, Liberum may independently
of, and without influence by Blackstar, purchase Shares from time to time at
its absolute discretion provided that:
1.) the maximum price payable for a Share on the Exchange is 105 per
cent. of the average market value of the Company`s Shares for the
five business days immediately preceding the day on which such
share is contracted to be purchased; and
2.) the aggregate number of Shares which may be acquired on behalf of
the Company in connection with the Programme shall not exceed
11,215,696, which at the time of the AGM held on 22 June 2011
represented 14.99% of the Company`s issued Shares and which
currently represents 13.15% of the Company`s issued Shares.
Due to the limited liquidity in the Shares, a buy-back of Shares pursuant to
the Programme on any trading day is likely to represent a significant
proportion of the daily trading volume in the Shares on the Exchange.
Blackstar will announce any market repurchase of Shares no later than 7.30
a.m. on the business day following the calendar day on which the repurchase
occurred. Shares bought back under the Programme are expected to be held in
treasury for a short time until they are cancelled in accordance with
applicable law.
-ENDS-
For further information:
Blackstar Group SE
John Kleynhans
Tel: +352 402 505 427
Liberum Capital Limited
Paul Rostas / James Bouverat
Chris Bowman / Christopher Britton
Tel : +44(0)20 3100 2251
Date: 20/12/2011 09:51:01 Produced by the JSE SENS Department.
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