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LONDON - Bodycote plc (LSE:LON:BOY), a provider of heat treatment and thermal processing services, announced Wednesday it will extend its share buyback programme with an additional £30 million, bringing the total allocation to £120 million.
The company completed the third £30 million tranche of its original programme on July 9, according to the press release statement. The extension begins immediately through an agreement with Jefferies International Limited, which will execute on-market purchases independently of Bodycote.
The extended programme will follow the same parameters as the original buyback announced on March 15, 2024, and is expected to conclude by the end of January 2026. The maximum number of shares that can be repurchased under the programme is currently 17,949,908.
Bodycote stated that the sole purpose of the buyback is to reduce the company’s share capital, with all purchased shares to be cancelled. The programme will be conducted in accordance with the company’s general authority to repurchase ordinary shares, as approved by shareholders at the 2025 Annual General Meeting.
The buyback will comply with Chapter 9 of the FCA’s Listing Rules and the Market Abuse Regulation. Share purchases will be carried out on the London Stock Exchange (LON:LSEG) and may continue during any closed period to which the company is subject.
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