19
November 2024
Nexxen International
Ltd
("Nexxen"
or the "Company")
New $50 Million Ordinary
Share Repurchase Program
Nexxen International Ltd. (AIM/NASDAQ: NEXN)
("Nexxen" or the "Company"), a global, flexible advertising
technology platform with deep expertise in data and advanced TV,
announces that the Company (directly and through its subsidiaries)
will begin a new repurchase program today for up to $50 million of
its Ordinary Shares from time to time.
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
period of the Buy-Back programme commences on 19 November 2024 and
will end at the earlier of 14 February 2025 (being the expected
last day of dealing in the Ordinary Shares on AIM should the
cancellation of trading on AIM be voted through by shareholders) or
once the $50 million has been exhausted.
· 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
18 November 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.
About Nexxen
Nexxen empowers advertisers,
agencies, publishers and broadcasters around the world to utilize
data and advanced TV in the ways that are most meaningful to them.
Our flexible and unified technology stack comprises a demand-side
platform ("DSP") and supply-side platform ("SSP"), with the Nexxen
Data Platform at its core. With streaming in our DNA, Nexxen's
robust capabilities span discovery, planning, activation,
monetization, measurement and optimization - available individually
or in combination - all designed to enable our partners to achieve
their goals, no matter how far-reaching or hyper niche they may
be.
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). For more information, visit
www.nexxen.com.
For
further information please contact:
Nexxen International Ltd.
Billy Eckert, Vice President of Investor Relations
ir@nexxen.com
Caroline Smith, Vice President of
Communications
csmith@nexxen.com
Vigo
Consulting (U.K. Financial PR & Investor
Relations)
Jeremy Garcia / Peter Jacob
Tel: +44 20 7390 0230 or nexxen@vigoconsulting.com
Cavendish Capital Markets Limited
Jonny Franklin-Adams / Seamus Fricker / Rory Sale (Corporate
Finance)
Tim Redfern / Jamie Anderson (ECM)
Tel: +44 20 7220 0500