Commencement of Share Buy-Back Programme
LONDON–(BUSINESS WIRE)–Regulatory News:
MotorK plc (AMS: MTRK) (“MotorK” or the “Group”), a leading SaaS provider for the automotive retail industry in the EMEA region, held a General Meeting (“GM”) today.
MotorK’s shareholders duly passed the proposed resolutions:
Resolution 1 – Ordinary Resolution: Authorization for the Group to buy back its own ordinary shares by way of off-market purchases on Euronext Amsterdam and via block trades up to a maximum aggregate value of €3,000,000 (the “Programme”). This authorization is limited to the maximum of 4,032,895 ordinary shares, representing approximately 10 per cent. of the Company’s issued ordinary share capital as at the date of the last Annual General Meeting of the Company. The authorization will expire following the conclusion of the Annual General Meeting of the Company to be held in 2023
Resolution 2 – Special Resolution: Approval of a capital reduction by way of the cancellation of an amount equal to €4,000,000 standing to the credit of the Group’s share premium account to create additional distributable reserves, including in respect of the Programme (subject to the Court’s approval)
On that basis, Motork announces the commencement of the Programme. The Group regards the ability to repurchase issued shares as an important part of the financial management of the Company, specifically in order to satisfy the exercise of options under the Company’s employee option schemes.
The Programme will be implemented within the limitations of the authority granted by the General Meeting. Any shares so repurchased shall be treated as cancelled pursuant to section 706(b) of the Companies Act 2006.
The Group has entered into non-discretionary instructions with Kepler Cheuvreux SA (“Kepler Cheuvreux”) to conduct the Programme on its behalf and to make trading decisions under the Programme independently of MotorK.
In accordance with regulations, the Group will inform the market about the progress made in the execution of this program through weekly updates and at https://investors.motork.io/news/default.aspx
This press release contains information that qualifies or may qualify as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014/EU).
ABOUT MOTORK PLC
MotorK (AMS: MTRK) is a leading software as a service (“SaaS”) provider for the automotive retail industry in the EMEA region, with over 400 employees and eleven offices in eight countries (Italy, Spain, France, Germany, Portugal, the UK, Belgium and Israel). MotorK empowers car manufacturers and dealers to improve their customer experience through a broad suite of fully integrated digital products and services. MotorK provides its customers with an innovative combination of digital solutions, SaaS cloud products and the largest R&D department in the automotive digital sales and marketing industry in Europe. MotorK is a company registered in England and Wales. Registered office: 124 City Road, London, EC1V 2NX – Company Registration: 9259000. For more information: or .
MotorK Investor Relations
+33 6 22 18 39 09
MotorK Corporate Communications
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