9th Sep 2024 19:42
Team Internet Group PLC - London-based internet services company - Launches buyback programme effective today. Says programme to end upon reaching 13.0 million shares bought, a total amount worth GBP19.6 million, on the date of its next general meeting expected in April, or on July 1, 2025. Says programme in line with terms of last general meeting which authorized buybacks of up to 26.1 million shares. Shares to be bought at no more than either 105% of the average share price in the five days prior to repurchase, or the higher of the last independent trade price and the highest current independent purchase bid. Appoints broker Zeus Capital Ltd as manager.
"The board considers the buyback programme to be in the best interests of all shareholders, given the cash generative nature of the business and the performance at least in line with current market expectations. It continues the group's established capital allocation policy, which is geared towards greater returns to shareholders," company says.
Current share price: 134.40 pence, closed up 2.6% in London on Monday
12-month change: up 5.2%
By Aidan Lane, Alliance News reporter
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