Raytheon awarded $71 million in Navy contracts for missile systems
LONDON - Eagle Eye Solutions Group PLC (AIM:EYE) announced Tuesday it has commenced a share buyback program to repurchase up to £1 million of its ordinary shares, citing undervaluation of the company’s stock and future prospects.
The SaaS and AI company, which specializes in digital marketing solutions, will hold all repurchased shares in treasury to satisfy future obligations from staff share schemes, which the company said would partially reduce future shareholder dilution.
Eagle Eye has instructed Investec (LON:INVP) Bank plc, its Nominated Adviser and Joint Broker, to conduct the buyback program, which will run until February 28, 2026, or until the maximum aggregate consideration has been reached.
The company stated that the maximum price paid per ordinary share will not exceed 105 percent of the trailing five-day average mid-market price. The repurchases will be made in accordance with the general authority granted to the board by shareholders at the annual general meeting held on November 21, 2024.
Due to limited liquidity in Eagle Eye’s shares, the company noted that daily repurchases may represent a significant proportion of daily trading volume on AIM and could exceed 25 percent of average daily trading volume.
According to the press release statement, Eagle Eye believes the buyback program represents an effective use of its cash balances while maintaining sufficient financial flexibility to support its growth strategy.
The company will announce any market repurchase of ordinary shares no later than 7:30 a.m. on the business day following the repurchase.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.