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| 11 October 2024 | | | |
| Big Technologies plc | |||
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| ("Big Technologies" or the "Company") | |||
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| Transaction in Own Shares | |||
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| Big Technologies plc (AIM: BIG), the UK-based remote people monitoring technology company, announces that on 10 October 2024 it purchased 75,541 ordinary shares of £0.01 each in the Company (the "Repurchased Shares"), pursuant to the share buyback programme (the "Buyback Programme") that was announced on 27 September 2024, as follows (together the "Transaction"): | |||
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| Date of purchase | | 10 October 2024 | |
| Number of ordinary shares purchased | | 75,541 | |
| Highest price paid per ordinary share | | 127 pence | |
| Lowest price paid per ordinary share | 127 pence | | |
| Volume weighted average price paid per ordinary share | 127 pence | | |
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| Total Voting Rights |
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| Following the Transaction, the issued share capital of the Company remains unchanged at 298,568,721 and the Company now holds 220,211 shares in treasury. The total voting rights in the Company is now 298,348,510 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Big Technologies under the FCA's Disclosure Guidance and Transparency Rules. The Company has concluded that the current low liquidity in the shares is impacting the progress of the Buyback Programme. The Company has therefore agreed, in discussion with its broker, Zeus Capital Limited, that on any given trading day a buyback of shares under the Buyback Programme may exceed 25% of the average daily trading volume on each trading platform on which the shares are traded. Where a buyback of shares exceeds the average daily trading volume on any trading platform, the Company will not fall within the exemption contained in Article 5(1) of Market Abuse Regulation (EU) No 596/2014. The Company had previously announced on 27 September 2024 that the Buyback Programme would be conducted as to fall within Article 5(1) of Market Abuse Regulation (EU) No 596/2014.
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| The Company will make further announcements in due course following the completion of any further purchases pursuant to the Buyback Programme. | |||
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| In accordance with Article 5(1)(b) of the Market Abuse Regulation (EU) No 596/2014 details of the purchase of its own ordinary shares by the Company, which were all executed through the Company's broker, Zeus Capital Limited, are set out below: | |||
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| Schedule of Purchases: |
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| Shares purchased: | Big Technologies plc (ISIN: GB00BN2TR932) | ||
| Date of purchases: | 10 October 2024 | | |
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| Aggregate information: |
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| Aggregated Volume | Volume-weighted average price (pence) | Venue |
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| 75,541 | 127.0000 | London Stock Exchange | |
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| Individual transactions: |
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| Volume | Price | Time |
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| 75,541 | 127.0000 pence | 08:29 UK | |
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| Big Technologies plc | +44 (0) 19 2360 1910 | ||
| Sara Murray (Chief Executive Officer) | | ||
| Daren Morris (Chief Financial Officer) | | | |
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| Zeus (Nominated Adviser and Sole Broker) | +44 (0) 203 829 5000 | ||
| Dan Bate / Kieran Russell (Investment Banking) | | ||
| Benjamin Robertson (Equity Capital Markets) | | ||
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| About Big Technologies plc |
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| Big Technologies is the parent company of Buddi, which was founded in 2005 by its current CEO, Sara Murray, following an initial idea to create a GPS device small enough for a child to carry. Today, Big Technologies is a proven supplier of innovative and high-quality products and services to the remote personal monitoring industry. Big Technologies provides products and services under a number of brand and trading names, with 'Buddi' being the most well-known and being used in respect of activities within the core criminal justice market. Big Technologies (under the Buddi brand) has created a leading, integrated technology platform (including both hardware and software solutions) for remote monitoring of individuals, providing state-of-the-art Electronic Monitoring (EM) solutions on a SaaS-like, subscription basis. | |||
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| Electronic Monitoring in the criminal justice sector involves utilising location technologies to remotely monitor and manage people at all stages of the criminal justice system. The Company's focus on the Criminal Justice market in the immediate term has been demand-driven, with significant opportunities created by a combination of favourable market tailwinds as electronic location devices are increasingly recognised as alternatives to imprisonment, and superior technological capability enabling the Company to meet this demand effectively. | |||
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| Big Technologies' criminal justice solution has been iteratively developed over a 10-year period, utilising the knowledge of an experienced management team listening to customers. The solution consists of a proprietary software platform with modular monitoring hardware, capable of being adapted to multiple applications. The Company's criminal justice solution is principally focussed around the "Buddi Smart Tag", an electronic monitoring hardware device, and "Buddi Eagle", the in-house developed, cloud-based monitoring software. Collectively, the hardware and the intelligent tools integrated into Big Technologies' software enable real-time tracking of monitored individuals with high levels of accuracy and reliability. Buddi evidences a substantial reduction in false alerts when compared to competitor systems which, combined with the reduction in subsequent investigations, can result in substantial cost savings for customers. | |||
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| In addition to the high levels of accuracy, the Buddi Smart Tag has several key advantages over its competitors' devices. The tag is lighter, smaller, has longer battery life and offers a simple, contact free and shorter installation process, providing substantial staff cost savings for customers. This superior product design, coupled with the intelligent monitoring software, typically comes at a small price premium to competitor devices. However, the overall effectiveness and reliability of the solution, combined with the substantial cost savings delivered as a result of reduced monitoring costs, have helped Big Technologies deliver strong revenue growth from both existing and new customers. The Company leases its devices and software solutions to customers typically based on daily or monthly rates. | |||
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