IN BRIEF: Fonix buys back about 1.2 million shares from major investor
Fonix PLC - London-based mobile payments and messaging services provider - Buys back just over 1.2 million shares on Friday at 159 pence each. Explains that the company has historically been restricted in its ability to conduct share buyback programmes due a significant investor block being interested in 33% of the issued share capital. A buyback would see this interest rise, requiring the concert party to make a mandatory cash offer for Fonix. However, Richard Thompson (through Starnevesse Ltd, a company owned and controlled by him), a significant shareholder in the company, and a member of the concert party has signed an irrevocable undertaking to sell the around 1.2 million shares. Cavendish Capital Markets Ltd is appointed to manage the buyback. Read More