Monday 26, November 2018 BY WILLIAM MULLALLY
BLME Holdings has received approval from the relevant authorities to undertake a Share Repurchase Programme through the Nasdaq Dubai stock exchange.
“I am delighted to inform you that we have received approval from the Dubai authorities to conduct a share repurchase programme on the Nasdaq Dubai stock exchange for an eight trading days period commencing on Monday 10 December 2018," Adel Al-Majed, Chairman said.
Shares will be purchased in the market over eight trading days commencing on 10 December 2018, by Al Safwa Mubasher Financial Services PJSC, a Nasdaq Dubai approved member, on behalf of NBK Banque Privée (Suisse) SA. The Company will then repurchase off the market the shares from NBK Banque Privée (Suisse) SA in line with the shareholder approval obtained at the Company’s Annual General Meeting held on 3 June 2016. On completion of the repurchase, the Company will hold these shares and not resell them at a higher price for a period of 6 months.
The maximum quantity of shares to be purchased will be up to 19,573,369 which represents 10 per cent of the issued share capital of the Company. The quantity purchased will initially be restricted to 2,446,671 shares on any given trading day although any unused amount will be carried forward during the eight trading day’s period.
The indicative price range for the period of the programme will have no lower limit but a higher limit of $0.65. The Company has obtained approval for the expenditure of up to £10.0million to purchase up to 19,573,369 shares. Boubyan Bank K.S.C.P. and the directors of the Company have undertaken not to participate in the programme.
Details regarding how investors can participate in the share repurchase programme are included in the attached market announcement. It is important to note that only investors who hold their shares in a Nasdaq Dubai approved broker’s account will be able to participate in this repurchase programme.
Therefore any investors, who have not opened a broker’s account and still hold their shares in the non-trading nominee account maintained by the Company, will need to take immediate action to open a broker’s account and thereafter request the Company to transfer their holding to their own brokers account.
The time period between the date of this notice and the commencement of the buyback programme has been deliberately constructed to provide any such shareholders with the reasonable opportunity to open a broker’s account and participate in the programme. It should be noted that investors wishing to participate in the programme may not use Al Safwa Mubasher Financial Services PJSC as their licenced Nasdaq Dubai broker in order to sell their shares as part of this programme.