14th Dec 2021 14:41
(Alliance News) - Nichols PLC said on Tuesday it intends to conduct a share buyback programme that will run until August 23, 2022.
The Merseyside-based drinks company, known for producing Vimto, said it would repurchase up to 453,486 shares representing up to around 1.2% of the company's issued share capital.
The price at which the shares will be bought back each will be no more than the higher of 5% over the average price for five business days before the date of repurchase.
Nichols said the purpose of the buyback was to meet future obligations under the company's save as you earn option scheme and its long-term incentive plan.
The buyback will be funded from the company's existing cash resources and all ordinary shares repurchased will be held in treasury.
Nichols has appointed the London-based investment bank Singer Capital Markets Securities Ltd to execute and manage the buyback. It has also given instruction to Singer Capital Markets to make market purchases of ordinary shares on its behalf independently to the company.
Nichols added that there is no guarantee that the buyback programme will be implemented in full or that any repurchases will be made.
Shares in Nichols were up 1.3% at 1,303.00 pence on Tuesday in London.
By Heather Rydings; [email protected]
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