12 August 2024
Crystal Amber Fund Limited
("Crystal Amber Fund", the "Company" or the "Fund")
Extension to Share Buyback Programme
Crystal Amber Fund announces that it will continue its share buyback programme for the period to 31 October 2024. Since 8 December 2023, £8.4 million has now been utilised in the programme for the period and from now until to 31 October 2024 the Company intends to continue to conduct on-market purchases under the share buyback programme to repurchase ordinary shares of 1 penny each in the capital of the Company ("Ordinary Shares") up to an aggregate amount of £1.6 million, pursuant to the authority obtained at the Company's annual general meeting on 22 November 2023 (the "Buyback").
The Company has appointed Winterflood Securities Limited ("Winterflood") to execute and manage the Buyback and has given an irrevocable instruction to Winterflood to make market purchases of Ordinary Shares on its behalf, independently of the Company. Winterflood will make its trading decisions in relation to the Ordinary Shares independently of and uninfluenced by the Company with such trading decisions being in line with the terms of the Buyback.
The maximum price which may be paid by the Company per Ordinary Share shall not be more than the higher of:
a. 105 per cent of the average of the middle market quotations for an Ordinary Share as derived from the AIM market of the London Stock Exchange plc for the five business days immediately preceding the day on which the purchase is made; and
b. the value of an Ordinary Share calculated on the basis of the higher of the price quoted for (i) the last independent trade of and (ii) the highest current independent bid for the Ordinary Shares.
The Company has determined that it will not rely on the safe harbour conditions for trading set out in Article 5 of EU Market Abuse Regulation (2014/596/EU) (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018) ("UK MAR") and, accordingly, the Company will not benefit from the exemption contained in Article 5 of UK MAR, given the limited liquidity in the Ordinary Shares and limitations that it would impose on the number of Ordinary Shares that can be purchased. Therefore, the Company may purchase Ordinary Shares pursuant to the Buyback on any trading day materially in excess of 25 per cent of the average daily volume in the 20 trading days preceding the date on which the purchase is carried out, being the limit laid down in Article 5(1) of UK MAR.
There is no guarantee that the Buyback programme will be implemented in full or that any purchases will be made. The Company reserves the right to bring a halt to the Buyback under circumstances that it deems to be appropriate and in accordance with relevant law and regulation.
The Company will make further announcements in due course following any share purchases conducted through the Buyback.
For further enquiries please contact:
Crystal Amber Fund Limited
Chris Waldron (Chairman)
Tel: 01481 742 742
Allenby Capital Limited - Nominated Adviser
Jeremy Porter/ Dan Dearden-Williams
Tel: 020 3328 5656
Winterflood Investment Trusts - Broker
Joe Winkley/Neil Langford
Tel: 020 3100 0160
Crystal Amber Advisers (UK) LLP - Investment Adviser
Richard Bernstein
Tel: 020 7478 9080
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
