Alpha Group International plc, a provider of financial solutions to businesses and institutions, announces that it intends to launch a new share buyback program to purchase 0.2p worth of ordinary shares.
The company has allocated an additional £20m of its cash reserves to the new buyback programme. Common Shares purchased will be held in treasury.
Following the completion of the £20 million buyback program on 27 June 2024, the Board reviewed its cash position. Given the current cash balances and the potential for further cash generation this year and beyond, the Board has agreed to implement a further £20m buyback programme.
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 percent. of the average 5-day mid-market closing price or an amount equal to the higher of the last independently traded price of a common share and the highest current independent bid for a common share, pursuant to the authority granted at the company’s Annual General Meeting .
The Directive will take effect immediately from the date of this announcement and will expire on the date of the next Annual General Meeting of the Company or earlier if the maximum aggregate price of £20 million has been reached.