Friday, 29 March 2024

Announcement

BUYBACK: RNS: Buyback of Securities

28 Feb 2013 15:11NZX
Renaissance Corporation Limited

(Company)

As previously announced to the NZX on 18 November 2011, Mr Richard Webb has
resigned from all executive and governance positions in the Renaissance
Group. The resignation was effective 18 November 2011. As a consequence, the
Long Term Incentive plan for Richard Webb has effectively terminated.

As previously announced to the NZX on 16 August 2012, Mr Shaun Rendell has
resigned from his position in Renaissance Corporation Limited. The
resignation was effective 31 August 2012. As a consequence, the Long Term
Incentive plan for Shaun Rendell has effectively terminated.

Under the plans, Richard Webb holds 1,116,000 shares which will be redeemed,
with redemption proceeds applied to repay the $279,000 loan the Company made
to enable the purchase of the shares. Similarly, Shaun Rendell holds 372,000
shares which will be redeemed, with redemption proceeds applied to repay the
$93,000 loan the Company made to enable the purchase of the shares.

The P&L impact of the cancellation of this scheme of $120,000 was taken into
account in the year ended 30 September 2012.

Another impact of this change will be to reduce the total number of shares on
issue by 1,488,000 shares. A separate entry was made at the time of the
original issue of the shares to recognise the outstanding amount of the loans
and this offset the increase in shareholders'' funds when the plan was put
into place. The value of the cancellation of these shares will be mirrored by
the repayment of the loans. Consequently, this change will have no impact on
the overall level of the Company''s shareholders funds.

For and on behalf of the board

Colin Giffney
Chairman
28 February 2013
End CA:00233591 For:RNS    Type:BUYBACK    Time:2013-02-28 15:11:54
Views: 473
Renaissance Ordinary Shares
 0.1460 Change:
0.00
0.00%
 
Open:0.1460 
High:0.1460 
Low:0.1460 
Volume:0 
Last Traded:29/08/14 00:00:00 
Bid:0.1460 
Ask:0.1600 
52-Wk High:0.1710 
52-Wk Low:0.0900