7th Jul 2026 15:44
(Alliance News) - NCC Group PLC on Tuesday announced plans to create GBP225 million in distributable reserves, reiterated its intention to return GBP185 million through a tender offer and buyback.
The Manchester, England-based cybersecurity company first announced its intention to return the GBP185 million to shareholders in late May, alongside the completion of its sale of Escode to funds managed by TDR Capital LLP. The disposal's net proceeds totalled approximately GBP253 million, and NCC had recently completed a GBP40 million initial share buyback programme in April.
NCC later elaborated, alongside its half-year results in early June, that the GBP185 million distribution would comprise a GBP170 million tender offer, and a new GBP15 million general share buyback programme.
Under the tender offer, investors will be able to sell up to 117.2 million shares at 145 pence each, an 11% premium to NCC shares' closing price of 130.6p on Monday.
Shares in NCC were trading 5.4% higher at 137.70p on Tuesday afternoon in London.
NCC also said it proposes a reduction of capital through cancelling amounts standing to the credit of its share premium account, which currently amounts to GBP225.0 million. This would create additional distributable reserves of GBP225 million to enable the return of cash to shareholders, it explained.
The capital reduction is subject to confirmation by the court, while the tender offer and buyback are conditional upon shareholder approval. The returns will be proposed as special resolutions at a general meeting on July 23.
NCC expects to open the tender offer on Wednesday, and to announce the results on September 2.
By Emma Curzon, Alliance News reporter
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