18th Aug 2023 13:26
(Alliance News) - ME Group International PLC shareholders on Friday voted for its share buyback programme, prompting the initial buyback to start.
ME Group, the Epsom, Surrey-based vending machine operator, said at its general meeting 99.9% of shareholders voted for its special resolution to begin the share buyback.
At the start of August, ME Group announced plans to buyback up to 10% of its issued share capital, with shares priced at 0.5 pence each.
Shares in ME Group were down 2.0% to 157.80p each in London on Friday afternoon.
It will begin by undertaking an initial buyback of up to 2% of its share capital.
"With a strong cash balance, that the board believes will increase, the board has concluded that it wishes to have the flexibility to utilise the proposed buy back authority in circumstances which it decides are in the best interests of the company," it said at the time.
On Friday, ME Group also noted that the buyback will result in an increase in its earnings per share.
By Sophie Rose, Alliance News reporter
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