PayPoint kicks off £20m share buyback programme

1st Jul 2024 09:03

(Sharecast News) - PayPoint announced the start of a £20m share buyback programme on Monday, aimed at reducing its share capital.

The London-listed payment network and technology provider said the programme, starting immediately, followed a special resolution passed on 7 September last year, and would run from 1 July this year to 30 June 2025.

It said the programme allowed for the purchase of up to 7,257,609 shares, contingent on the renewal of authority at its annual general meeting scheduled for 1 August.

The buyback would be managed by Investec Bank, which was given irrevocable, non-discretionary instructions to execute the programme independently of PayPoint.

PayPoint said it would announce any share purchases by 0730 on the business day following the transaction.

Investec could also engage in transactions such as sales and hedging to manage market exposure during the programme.

The Takeover Panel had meanwhile agreed that Asteriscos Patrimonial SL would not be required to make an offer under rule nine of the Takeover Code due to any increase in its holdings resulting from the buyback, as Asteriscos Patrimonial was classed as an 'innocent bystander' regarding any resulting increase in shareholding.

At 0838 BST, shares in PayPoint were up 2.21% at 650.05p.

Reporting by Josh White for Sharecast.com.