Gamma Communications Executes Share Buyback of 16,520 Shares at 940.7p Average Price on 17 July 2026

Details of Gamma Communications' Share Buyback on 17 July 2026

On 17 July 2026, Gamma Communications purchased a total of 16,520 ordinary shares through a series of transactions executed on the London Stock Exchange (venue code XLON). The earliest trade took place at 08:00:56 and the last at 16:19:47, with individual purchases ranging from single shares up to blocks of 400 shares. This measured approach reflects a deliberate capital deployment strategy throughout the trading day. Full transaction reference numbers were provided for regulatory transparency.

Share prices during the day ranged from a low of 930.0p to a high of 956.5p, reflecting typical intraday volatility. The weighted average price of 940.7216p indicates a balanced execution strategy by Investec Bank plc. The granular disclosure complies with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014, as incorporated into UK law, ensuring investors have full visibility into the buyback execution.

Progress and Capital Allocation Under the 2026 Buyback Programme

Since the programme's announcement on 13 January 2026, Gamma Communications has repurchased a cumulative 2,733,771 ordinary shares. This ongoing capital return strategy reflects management's preference for share cancellation over alternative capital uses. The recent tranche of 16,520 shares accounts for approximately 0.6% of the total repurchased shares, maintaining the programme's measured pace.

After settling the 17 July 2026 purchases, the company has 91,030,580 ordinary shares in issue and holds 1,514,022 shares in treasury. The total voting rights post-settlement stand at 89,516,558 ordinary shares, calculated as shares in issue minus treasury shares. This figure is critical for shareholder notification under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Share Capital and Voting Rights Post-Buyback

Gamma Communications’ ordinary shares have a nominal value of 0.25 pence each, with each share carrying one vote. The shares trade on the London Stock Exchange’s main market under ISIN GB00BQS10J50. The company’s Legal Entity Identifier (LEI) is 213800LAQZXPRIZUEH50, facilitating global regulatory reporting. These details are disclosed under Rule 2.9 of the City Code on Takeovers and Mergers during the active offer period.

Treasury shares, which do not carry voting rights, amount to 1,514,022 shares following the latest buyback. The company intends to cancel all repurchased shares, permanently reducing the share capital rather than retaining them for reissuance.

Regulatory Status: Offer Period and Takeover Code Compliance

Gamma Communications entered an offer period on 7 April 2026, imposing strict restrictions on share repurchases and capital management under the City Code on Takeovers and Mergers. The company’s ordinary shares are classified as relevant securities subject to disclosure and conduct requirements during this period. The announcement confirms 89,516,558 ordinary shares are in issue (excluding treasury shares) for Rule 2.9 purposes.

Barclays Bank PLC acts as Lead Financial Adviser, with Investec and Peel Hunt serving as joint financial advisers and joint brokers. These institutions continue as exempt principal traders on the London Stock Exchange, with their trading activities publicly disclosed in the UK and, where applicable, in the US.

Shareholder Notification Obligations Under Rule 8.3

Under Rule 8.3 of the City Code, any person holding 1% or more of Gamma Communications' relevant securities must submit an Opening Position Disclosure by 3:30 pm (London time) on the 10th business day after the offer period begins or after an offeror is identified. This applies to both the offeree company and potential offerors.

Additionally, holders acquiring or disposing of 1% or more must file a Dealing Disclosure by 3:30 pm the next business day, detailing their interests and transactions. Persons acting in concert are treated as a single entity for these disclosures.

Comprehensive Transaction Schedule for 17 July 2026 Buyback

The announcement lists each trade executed on 17 July 2026, including time, share quantity, price, venue, and reference number, fulfilling Article 5(1)(b) of the Market Abuse Regulation. Trading was concentrated in the morning with continued activity into the afternoon. Prices ranged from 930p to a peak of 956.5p around 13:46, reflecting typical market dynamics. All trades were conducted on XLON with unique transaction references for audit and regulatory purposes.

Company Overview and Market Position

Gamma Communications is a UK-based telecommunications and IT services provider, listed on the London Stock Exchange. While the announcement does not disclose detailed financials or customer data, the company’s involvement in an ongoing takeover offer since 7 April 2026 highlights its significance in the UK market. Leadership includes CEO Andrew Belshaw, Chair Martin Hellawell, and Company Secretary Rachael Matzopoulos.

The continuation of the buyback during the offer period indicates management’s confidence in the shares’ valuation and adherence to takeover regulations. The engagement of multiple financial advisers and a financial PR adviser underscores the complexity of managing capital allocation amid corporate activity.

Capital Return Strategy and Impact on Shareholder Value

The share buyback programme represents Gamma Communications’ strategy to return capital by repurchasing and cancelling shares, thereby reducing share count and potentially enhancing earnings per share. Purchased shares will be cancelled rather than held in treasury, permanently lowering the company’s capital base. The company has not disclosed the total cash allocated or the programme’s target completion.

The weighted average repurchase price of 940.7216p reflects the company’s valuation assessment during the offer period, with Investec Bank plc playing a key role in execution under regulatory constraints. Investors should monitor the buyback’s pace and pricing in future disclosures.

Offer Period Implications and Ongoing Disclosure Requirements

The offer period beginning 7 April 2026 imposes regulatory constraints on Gamma Communications’ operations and financial decisions. Compliance with disclosure and conduct rules ensures shareholder protection and fair treatment during potential corporate transactions. The board’s decision to continue the buyback reflects adherence to these regulations without prejudicing stakeholders.

Investors seeking guidance on Opening Position or Dealing Disclosures can contact the Takeover Panel’s Market Surveillance Unit at +44 (0) 20 7638 0129. The Takeover Panel’s website (www.thetakeoverpanel.org.uk) provides detailed disclosure tables and updates on the offer period and company developments.