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LONDON - EPE Special Opportunities Limited (ESO) announced Thursday its intention to launch a share buyback program for both its ordinary shares and zero dividend preference shares (ZDP Shares) with a purchase price of up to £3 million in aggregate.
The program will be funded through the company’s existing cash reserves, with repurchased shares to be held in treasury. The company stated that all share acquisitions will be announced to the market without delay.
ESO noted that current low liquidity levels in both share classes may limit its ability to effectively execute the program. As a result, the company has agreed that daily buybacks may exceed 25 percent of the average daily trading volume on each trading platform where its shares are traded.
The company indicated it may, where appropriate, make purchases at prices exceeding the last independent trade price and the highest current independent purchase bid on the trading venue.
Numis Securities Limited will execute the ordinary share buybacks on behalf of ESO, while Panmure Liberum Limited will handle the ZDP share buybacks.
The company stated that all purchases will be carried out on regulated trading venues in accordance with Market Abuse Regulation requirements, with certain exceptions as detailed in the announcement.
According to the press release statement, the buyback program aligns with ESO’s stated policy to pursue share repurchases when deemed appropriate.
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