2nd Jun 2023 08:36
(Alliance News) - Anpario PLC on Friday proposed to buy back 4.0 million of its shares for 225 pence each, returning up to GBP9 million to shareholders.
The Nottinghamshire-based animal feed additive manufacturer said it intends to renew its general share buyback authority at the next annual general meeting, which it expects to take place on June 29.
The company said the 225p per share offer is a premium of around 16% to its closing price of 194p each on Thursday.
Anpario shares were 7.5% higher at 208.50 pence each in London on Friday morning.
Looking ahead, the company said trading and the outlook for 2023 are in line with market expectations, with concerns over supply chain risks and logistics delays having begun to ease. However, it said that sales since the start of the year have continued at weaker levels as seen in the final quarter of 2022.
By Tom Budszus, Alliance News reporter
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