TSX runs higher on rate cut expectations
LONDON - Braemar PLC (LSE:BMS), a company specializing in investment, chartering, and risk management advice within the shipping and energy sectors, announced today the start of a share buyback program. The board has sanctioned the repurchase of up to £2.0 million of its Ordinary Shares, reflecting confidence in the firm’s financial health and future outlook.
The buyback, which begins today and is set to conclude by September 30, 2025, unless the maximum number of shares is repurchased earlier, will be funded through existing cash reserves. The move aligns with Braemar’s capital allocation strategy, aiming to maintain shareholder returns and capitalize on current market conditions to buy back shares at what it considers advantageous prices.
Canaccord Genuity Limited has been appointed to manage the program independently of the company. The terms of the buyback comply with the shareholder authority granted at the last Annual General Meeting on July 3, 2024, which sets the maximum price per share and stipulates that all acquired shares will be cancelled to reduce share capital and potentially enhance earnings per share.
The buyback adheres to the Market Abuse Regulation and the Commission Delegated Regulation, as well as Chapter 12 of the Listing Rules. Braemar has confirmed that no undisclosed price-sensitive information exists currently.
The company plans to report purchases made under the program on the following business day. As of the announcement date, Braemar’s issued share capital comprises 32,924,877 Ordinary Shares, each with one voting right, and holds no treasury shares, maintaining the total voting rights in the company at 32,924,877.
This share buyback program announcement is based on a press release statement from Braemar PLC.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.