PayPoint plc (LON:PAY) announces that it will commence a share buyback program to purchase common shares in the company’s capital for a total consideration of £20 million with immediate effect.
The purpose of the program is to reduce the share capital of PayPoint and therefore the Common Shares purchased under the program will be cancelled.
The plan is subject to the authorization granted by a special resolution of the Company passed on September 07, 2023 and will be carried out during the period beginning on July 1, 2024 and ending no later than June 30, 2025. The maximum number of common shares that may be purchased by the Company under the Program is 7,257,609 and is subject to the renewal of this authority at the 2024 annual general meeting of the Company, which will be held on August 1, 2024.
The Company has entered into irrevocable, non-discretionary instructions with Investec Bank plc to conduct the Program on its behalf and make commercial decisions under the Program independently of PayPoint.
PayPoint will announce any purchase of Common Shares under the Plan no later than 7:30 A.M. of the business day following the calendar day on which the purchase takes place.
Investec may trade in the Company’s common shares (which may include selling and hedging activities, other than purchases) in order to manage its market exposure under the Scheme.