Gamma Communications Advances Share Buyback, Reducing Outstanding Shares to 91 Million

Details of Gamma Communications' Recent Share Repurchase

Gamma Communications, a leading provider of unified communications and cybersecurity solutions across the UK and other markets, carried out its latest share buyback tranche on 20 July 2026. The company, trading on the London Stock Exchange under ISIN GB00BQS10J50, repurchased 13,292 ordinary shares through its broker Investec Bank plc. Transactions occurred throughout the trading day, with prices ranging from 937.0p to 951.5p per share and a weighted average price of 943.6978p.

The announcement reveals 155 individual trades executed on behalf of Gamma, with transaction sizes ranging from one share to 336 shares. This measured approach indicates disciplined execution during the buyback window. Algorithmic trading was employed across multiple intervals from 08:00:07 to 15:41:27 to ensure best execution and minimize market impact while efficiently implementing the repurchase programme.

Progress Since January 2026 Buyback Programme Launch

Since launching the share buyback programme on 13 January 2026, Gamma Communications has acquired 2,747,063 ordinary shares. The latest tranche of 13,292 shares continues the company’s capital allocation strategy aimed at optimizing the capital structure for shareholders. No end date has been specified for the buyback programme, suggesting ongoing opportunistic purchases subject to market conditions and regulatory approval.

This tranche was completed during an active offer period announced on 7 April 2026, subjecting the company to enhanced disclosure and conduct obligations under The City Code on Takeovers and Mergers. All transactions comply with Rule 2.9 of the Code and have been reported to the Regulatory Information Service and London Stock Exchange as required by Article 5(1)(b) of the Market Abuse Regulation.

Effect of Latest Purchases on Share Capital and Voting Rights

After settling the 13,292 shares purchased on 20 July 2026, Gamma Communications will have 91,017,288 ordinary shares issued. The company holds 1,514,022 shares in treasury, which do not carry voting rights, resulting in 89,503,266 voting shares outstanding. Shareholders should use this figure when calculating their ownership interests and disclosure obligations under Financial Conduct Authority rules.

Each ordinary share carries one vote. The buyback has reduced the total issued shares from a hypothetical 93,764,351 (had no repurchases occurred) by approximately 2.9%. This gradual share reduction could enhance earnings per share if absolute profits are maintained or increased. Treasury shares, representing about 1.66% of issued capital, remain company property and may be reissued for employee schemes or acquisitions.

Regulatory Compliance and Takeover Code Adherence

Gamma Communications’ buyback activity occurs during an offer period starting 7 April 2026, following a potential takeover approach announcement. Ordinary shares are classified as "relevant securities" under Rule 8 of The City Code on Takeovers and Mergers, imposing strict disclosure and conduct requirements. All purchases are publicly disclosed in line with Rule 2.9 and reported promptly to the Regulatory Information Service.

Barclays Bank PLC (Investment Bank division), Investec Bank plc, and Peel Hunt LLP continue as exempt principal traders on the London Stock Exchange, reporting all buyback transactions to the Regulatory Information Service and making details publicly available on the exchange’s website. This information is also disclosed in the United States to maintain transparency for shareholders in all major markets.

Comprehensive Transaction Execution on 20 July 2026

The announcement details 155 trades executed from 08:00:07 to 15:41:27 on 20 July 2026. Morning trades ranged from 940.50p to 950.0p with smaller lot sizes, while mid-morning saw the highest price of 951.50p with larger blocks of up to 346 shares. Afternoon trades showed prices between 937.0p and 944p, with the lowest prices occurring in two transactions of 164 and 166 shares at 15:14:11 and 15:14:31 respectively. The consistent, narrow price range indicates the buyback was executed without significant market disruption.

Share Capital Structure and Treasury Holdings

Gamma Communications currently has 91,017,288 shares issued, including 1,514,022 treasury shares that carry no voting rights or dividends. The treasury shares provide flexibility for future capital management, including employee incentive plans or acquisitions, without requiring shareholder approval for new share issuance. The Board retains discretion over treasury share use, subject to company articles and listing rules. The ongoing buyback and treasury holdings indicate management views the share price as attractive relative to intrinsic value.

Market Pricing Context During Repurchase

The repurchase prices ranged from 937.0p to 951.5p, with a weighted average of 943.7p, reflecting management’s view on capital allocation. Although the announcement does not disclose earnings per share or valuation metrics, the continuation of buybacks suggests confidence in the shares’ value and growth prospects. The modest intraday price variation of approximately 14.5p indicates stable market conditions during the buyback.

Gamma Communications will continue publishing detailed buyback transaction data via the Regulatory Information Service, ensuring transparency on timing and pricing for investors.

Advisory and Execution Teams

Gamma Communications has appointed Barclays Bank PLC as Lead Financial Adviser, with Investec Bank plc and Peel Hunt LLP serving as Joint Financial Advisers and Joint Brokers. Q Advisors acts as an additional Joint Financial Adviser with offices in London and the US. This advisory team supports regulatory compliance and market execution during the takeover period.

Investec Bank plc executed the recent share purchases, operating under UK regulatory oversight. Teneo serves as Financial Public Relations Adviser, managing timely disclosure of buyback activities.

Future Capital Management and Buyback Outlook

The company has not set a target buyback volume or expiry date, indicating an opportunistic approach to share repurchases. Management aims for gradual capital reduction with disciplined pricing and execution. Any changes to the programme must be promptly disclosed due to the ongoing offer period status.

Investors should monitor future announcements and financial results to evaluate the effectiveness of capital returned through buybacks relative to dividends, debt reduction, or alternative investments.

Compliance with Takeover Code and Disclosure Obligations

Gamma Communications reiterates full compliance with takeover code and Market Abuse Regulation rules. Shareholders holding 1% or more of relevant securities must make Opening Position Disclosures within ten business days of the offer period start. Dealing Disclosures are required the business day after transactions, with details submitted to the Takeover Panel.

For clarification on disclosure requirements, parties may contact the Takeover Panel’s Market Surveillance Unit or Gamma Communications directly. All related information is accessible via the Takeover Panel’s website, which tracks offer periods and relevant securities.