REG - Nexxen International - $50 Million Share Repurchase Program

Nexxen InternationalAnnouncement

07/05/2024 07:15

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RNS Number : 3651N  Nexxen International Ltd  07 May 2024

7 May 2024

 

Nexxen International Ltd.

 

("Nexxen" or the "Company")

 

Launch of New $50 Million Ordinary Share Repurchase Program

 

The Ordinary Share repurchase program will be financed through existing cash
resources and will begin on 7 May 2024

 

Nexxen International Ltd. (AIM/NASDAQ: NEXN) ("Nexxen" or the "Company"), a
global, unified advertising technology platform with deep expertise in video
and Connected TV ("CTV"), announces that, further to the announcement on 15
March 2024 and following the expiration of the creditor objection period which
resulted in no objections and the amendment to the Credit Agreement, as
previously announced on 10 April 2024, the Company (directly and through its
subsidiaries) will begin a new repurchase program today for a further $50
million of its Ordinary Shares from time to time.

 

The Company's Board of Directors also indicates that, should the Company's
Ordinary Shares continue to trade at prices the Company believes reflect
discounted valuation levels, and if the Company remains cash generative in the
future, it will consider launching additional future share repurchase programs
following the completion of the newly launched $50 million Ordinary Share
repurchase program. The Company's Board of Directors believes repurchasing the
Company's shares at what it believes reflects discounted valuation levels
represents a strong investment opportunity that can generate long-term value
for its shareholders.

 

About the Ordinary Share Repurchase Program

 

·    The Ordinary Shares will be repurchased on the AIM Market and the
repurchase program will be financed through existing cash reserves.

·    The repurchase program will begin on 7 May 2024 and will continue
until the earlier of 1 November 2024, or until it has been completed.

·    The repurchase program will be independently managed by Cavendish
Capital Markets Limited, the Company's AIM broker, which will make trading
decisions independently and without the influence of the Company, pursuant to
the engagement entered into and announced on 15 March 2024.

·    The maximum price paid per Ordinary Share is to be no more than 105%
of the average middle market closing price of an Ordinary Share on AIM for the
five business days preceding the date of purchase.

·    Share repurchases will be made in accordance with applicable
securities laws and regulations, and any Ordinary Shares acquired as a result
of the repurchase program will be announced to the market without delay.

·    Any Ordinary Shares acquired by the Company as a result of the
repurchase program will be reclassified as dormant shares under the Israeli
Companies Law (without any rights attached thereon) and will be held in
treasury.

·    Any Ordinary Shares acquired by a subsidiary of the Company as a
result of the repurchase program will not be reclassified as dormant shares
under the Israeli Companies Law, but such Company subsidiary will not have any
voting rights with respect to the acquired Ordinary Shares.

·    The share repurchase program does not obligate Nexxen to repurchase
any particular amount of Ordinary Shares and the program may be suspended,
modified, or discontinued at any time at the Company's discretion (if not in a
close period), subject to applicable law.

·    Due to the limited liquidity in the issued Ordinary Shares, any
repurchase of Ordinary Shares on any trading day may represent a significant
proportion of the daily trading volume in the Ordinary Shares on AIM and may
exceed 25% of the average daily trading volume, being the limit laid down in
Article 5(1) of Regulation (EU) No 596/2014 and, accordingly, the Company will
not benefit from the exemption contained in this Article.

 

For further information please contact:

 

Nexxen International Ltd.

Billy Eckert, Vice President of Investor Relations
ir@nexxen.com (mailto:ir@nexxen.com)

 

Caroline Smith, Vice President of Communications

csmith@nexxen.com (mailto:csmith@nexxen.com)

 

KCSA (U.S. Investor Relations)

David Hanover, Investor Relations
nexxenir@kcsa.com (mailto:nexxenir@kcsa.com)

 

Vigo Consulting (U.K. Financial PR & Investor Relations)

Jeremy Garcia / Peter Jacob / Aisling Fitzgerald

Tel: +44 20 7390 0230 or nexxen@vigoconsulting.com
(mailto:nexxen@vigoconsulting.com)

 

Cavendish Capital Markets Limited

Jonny Franklin-Adams / Charlie Beeson / George Dollemore (Corporate Finance)

Tim Redfern / Harriet Ward (ECM)

Tel: +44 20 7220 0500

 

About Nexxen

 

Nexxen empowers advertisers, agencies, publishers and broadcasters around the
world to utilize video and Connected TV in the ways that are most meaningful
to them. Comprised of a demand-side platform (DSP), supply-side platform
(SSP), ad server and data management platform (DMP), Nexxen delivers a
flexible and unified technology stack with advanced and exclusive data at its
core. Our robust capabilities span discovery, planning, activation,
measurement and optimization - available individually or in combination - all
designed to enable our partners to reach their goals, no matter how
far-reaching or hyper niche they may be. For more information,
visit www.nexxen.com (http://www.nexxen.com/) .

 

Nexxen is headquartered in Israel and maintains offices throughout the United
States, Canada, Europe and Asia-Pacific, and is traded on the London Stock
Exchange (AIM: NEXN) and NASDAQ (NEXN).

 

Forward Looking Statements

 

This press release contains forward-looking statements, including
forward-looking statements within the meaning of Section 27A of the United
States Securities Act of 1933, as amended, and Section 21E of the United
States Securities and Exchange Act of 1934, as amended. Forward-looking
statements are identified by words such as "anticipates," "believes,"
"expects," "intends," "may," "can," "will," "estimates," and other similar
expressions. However, these words are not the only way Nexxen identifies
forward-looking statements. All statements contained in this press release
that do not relate to matters of historical fact should be considered
forward-looking statements, including without limitation statements regarding
the Company's Ordinary share repurchase programs, and potential future share
repurchase programs, and any benefits thereof. These statements are neither
promises nor guarantees but involve known and unknown risks, uncertainties and
other important factors that may cause Nexxen's actual results, performance or
achievements to be materially different from its expectations expressed or
implied by the forward-looking statements, including, but not limited to, the
following: negative global economic conditions; global conflicts and war,
including the current terrorist attacks by Hamas, and the war and hostilities
between Israel and Hamas and Israel and Hezbollah, and how those conditions
may adversely impact Nexxen's business, customers, and the markets in which
Nexxen competes. Nexxen cautions you not to place undue reliance on these
forward-looking statements. For a more detailed discussion of these factors,
and other factors that could cause actual results to vary materially,
interested parties should review the risk factors listed in the Company's most
recent Annual Report on Form 20-F, filed with the U.S. Securities and Exchange
Commission (www.sec.gov) on March 6, 2024. Any forward-looking statements made
by Nexxen in this press release speak only as of the date of this press
release, and Nexxen does not intend to update these forward-looking statements
after the date of this press release, except as required by law.

 

Nexxen, and the Nexxen logo are trademarks of Nexxen International Ltd. in the
United States and other countries. All other trademarks are the property of
their respective owners. The use of the word "partner" or "partnership" in
this press release does not mean a legal partner or legal partnership.

 

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