Ophir Energy plc (Ophir) announced on 14 August 2014 that, after assessing the near-term capital needs of the business and the discount the Company’s shares are trading at in relation to the underlying core value of the asset base, the Board had approved a share buyback programme of up to US$100 million of ordinary shares (the “Programme”).
Ophir has entered into an arrangement with its brokers, Morgan Stanley Securities Limited, Jefferies International Limited and RBC Europe Limited, to enable the brokers to make purchases of shares during the period commencing on the date hereof and ending on 21 May 2015, including during Ophir’s close periods on a non-discretionary basis. The objective of the Programme is to reduce the issued share capital of Ophir and the shares purchased will be held as treasury shares.
The Programme will be effected within certain pre-set parameters pursuant to the arrangement and in accordance with Ophir’s general authority to repurchase shares granted by its shareholders at its Annual General Meeting held on 21 May 2014 and Chapter 12 of the Listing Rules. The maximum aggregate number of shares that Ophir may purchase is 59,200,000 shares and the maximum price is the higher of 105% of the average middle-market price calculated over the five business days preceding each purchase and the price stipulated in Commission Regulation (EC) No. 2273/2003. Ophir confirms that as at 29 August 2014 it has no unpublished price sensitive inside information.
