Alpha Group International plc, a provider of financial solutions to corporates and institutions, announces that it intends to commence a share buyback programme to purchase ordinary shares of 0.2p each.
The company has allocated up to £20 million from its cash reserves to the buyback programme. The Ordinary Shares purchased will be held in treasury.
The company has irrevocably instructed Liberum Capital Limited, the Company’s broker, to conduct the Buyback Programme on its behalf. The Buyback Programme will be effected within certain pre-set parameters, including that the maximum price paid per Ordinary Share shall be the higher of 105% of the average trailing 5 day mid-market closing price or an amount equal to the higher of the price of the last independent trade of an Ordinary Share and the highest current independent bid for an Ordinary Share, in accordance with the authority granted at the Company’s AGM.
The Buyback Programme will be effective from today and will expire on the date of the company’s next Annual General Meeting, or earlier, if the maximum aggregate consideration of £20 million has been reached.
A buy-back of Ordinary Shares on any trading day may represent a significant proportion of the daily trading volume and may exceed 25% of the average daily trading volume.
