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Taptica to launch up to £10mln share buyback programme as cash generation continues to be strong

Last updated: 12:15 12 Dec 2018 GMT, First published: 08:10 12 Dec 2018 GMT

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However, the group added, at this time, there are no conversations ongoing and therefore its board feels that the best use of available capital is to commence a buy-back

Taptica International Limited (LON:TAP) shares rose on Wednesday after it announced plans to launch a share buyback programme for an aggregate value of up to US$10mln as cash generation of its business continues to be strong.

The advertising technologies company said it has actively continued to evaluate a number of strategic acquisitions and has held conversations with a number of potential targets.

READ: Taptica appoints interim CEO as Tal steps down

However, the group added, at this time, there are no conversations ongoing and therefore its board feels that the best use of available capital is to commence a buy-back funded from the company's current net cash balance.

The company said it will continue to explore strategic acquisitions as and when appropriate opportunities arise.

Taptica said purchases of ordinary shares may be made from time to time when the board considers appropriate and depending on market conditions, share price, trading volumes and other factors.

It added that the buyback programme will be effected in accordance with its existing authority including that the maximum price paid per ordinary share is to be no more than 105% of the average middle market closing price for the five business days preceding the date of purchase.

The group said the buyback programme will commence on 12 December 2018 and will continue until 28 February 2019, or when the company enters a closed period.

In early afternoon trading, Taptica shares were 7.8% higher at 194p.

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