27th Jan 2020 18:50
(Alliance News) - Honeycomb Investment Trust PLC on Monday said it repurchased 2.2 million at 850.00 pence each, after earlier explaining that "major shareholders" have said they plan on selling stock, amid "substantial investor demand".
Honeycomb repurchased the shares for GBP18.7 million altogether.
Prior to the repurchase, Honeycomb had about 39.4 million shares in issue, so the buyback amount represent roughly 5.0% of its stock at the time.
The trust earlier on Monday said they were notified that some shareholders intend to sell a percentage of their stake at a price of 850.00 pence each.
Honeycomb shares closed 1.6% lower at 947.43p each in London on Monday.
One major shareholder however, pledged not to sell any stock at a price below 850.00p during the next four weeks, unless advised to do so by Honeycomb.
Honeycomb added that it authorised the shareholder to sell stock, but the pledge is retained over the investor's remaining 6.0 million shares.
By Eric Cunha; [email protected]
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