Alpha Group International plc, a provider of financial solutions to corporates and institutions, announces that it intends to commence a new share buyback programme to purchase ordinary shares of 0.2p each.
The company has allocated a further £20 million from its cash reserves to the new buyback programme. The Ordinary Shares purchased will be held in treasury.
Following the conclusion of the £20 million buyback programme on 27 June 2024, the Board has reviewed its cash position. Given the current cash balances and the likelihood of further cash generation this year and beyond, the Board has agreed to implement a further Buyback programme of £20 million.
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 per cent. 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 Instruction will be effective immediately from the date of this announcement 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.
