Gamma Communications PLC has appointed Investec Bank plc to manage a share buyback programme to purchase ordinary shares of 0.25 pence each in the Company for an aggregate purchase of up to £35 million. The Programme will continue until the maximum aggregate consideration payable by the Company has been reached or Friday 6 September 2024. Shares acquired under the Programme will either be cancelled or held in treasury. The existing buy-back authority was granted by shareholders at last year's annual general meeting and is due to expire at the next AGM.

The company had a strong 2023 and is confident in its prospects for 2024, with a strong unlevered balance sheet and significant operating cash flow. The Board's main priorities for its cash are to enhance the growth of the business, reward shareholders through growth in earnings alongside a progressive dividend policy, and retain a robust capital base. The share buyback, combined with the ordinary regular dividend, is seen as a balanced approach for additional one-off returns of capital to shareholders.

The Programme will be conducted in accordance with the general authority granted to the Board by the Company's shareholders and within the provisions of the UK version of the Market Abuse Regulation. Any purchases will be made independently of and uninfluenced by the Company, and in compliance with relevant conditions for trading, restrictions, disclosure and reporting obligations, and price conditions. The purpose of the Programme is to reduce the Company's share capital and to enable the Company to meet obligations arising from share option programmes.

The Company will make further announcements following the completion of any repurchases, and there is no guarantee that the Programme will be implemented in full or that any Shares will be repurchased by the Company. The Board will continue to keep its capital allocation policy and further distributions to shareholders under review, with consideration of other potential uses of capital that may drive value for shareholders over the medium term.