Alpha Group International plc, a provider of financial solutions to companies and institutions, announces that it intends to launch a share buyback program to purchase 0.2p worth of ordinary shares.
The company has allocated up to £20m of its cash reserves to the buyback programme. Common Shares purchased will be held in treasury.
The Company has irrevocably instructed Liberum Capital Limited, the Company’s broker, to conduct the Redemption Program on its behalf. The Repurchase Program will take place within certain predetermined parameters, including that the maximum price paid per Common Share will be the higher of 105% of the 5-day mid-market average closing price or an amount equal to the higher of the price of the last independent trading Common Share and the highest current independent bid for a Common Share, pursuant to the authorization granted at the Company’s Annual General Meeting.
The Buyback Program will take effect 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 redemption of Common Shares on any trading day may represent a significant percentage of the daily trading volume and may exceed 25% of the average daily trading volume.