GlobalData launches new £20m share buyback programme

23rd Sep 2024 11:41

(Sharecast News) - GlobalData announced the approval of a new £20m share buyback programme on Monday, supplementing the previously-completed £10m initiative announced on 31 July.

The AIM-traded firm said the move was designed to return surplus capital to shareholders and reduce its share capital.

It said the additional buyback would be managed by Panmure Liberum under non-discretionary arrangements, starting on Monday.

Panmure Liberum would independently execute the purchase of GlobalData's ordinary shares within the predefined programme terms and parameters.

Under the programme, GlobalData said it was authorised to repurchase up to 84,502,770 ordinary shares, as approved by shareholders at the 2024 annual general meeting.

The programme was set to run until 17 January, with transactions conducted through open market purchases based on market conditions, share price, and trading volumes.

All repurchased shares would be cancelled, effectively reducing the company's share capital.

Due to limited liquidity in GlobalData's ordinary shares, the company said it could exceed the typical 25% of average daily trading volume limit, but would remain below 50%, thus not benefiting from the Market Abuse Regulation exemption.

The maximum price GlobalData would pay per ordinary share was set at the higher of 105% of the five-day average middle market quotation or the higher of the last independent trade price and the highest current independent purchase bid on the trading venue.

The minimum price per share was set at 0.01p.

At 1114 BST, shares in GlobalData were up 1.06% at 209.18p.

Reporting by Josh White for Sharecast.com.