26th Jun 2019 15:04
(Alliance News) - TBC Bank Group PLC said Wednesday that Chair Mamuka Khazaradze and Deputy Chair Badri Japaridze are considering entering a deal with an unnamed financial institution for the repurchasing of up to 8% of the total share capital of the Georgian bank.
In line with the repurchase transaction, Khazaradze and Japaridze would first sell their shares to the financial institution and agree to buy them back at a later date, as a form of borrowing secured on their TBC shares.
TBC said that entry into such a transaction is subject to market conditions.
TBC Bank currently has 54.9 million shares issued overall, meaning the maximum amount of shares to be sold and repurchased is around 4.4 million shares.
Shares in TBC Bank were down 0.9% at 1,606.00 pence on Wednesday, giving the shares involved a potential value of GBP70.2 million.
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TBC Bank Group