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LONDON - Geiger Counter Limited, the investment company, has confirmed the repurchase of 199,500 of its own ordinary shares on Monday, at an average price of 49.89 pence per share. This transaction is part of the company’s ongoing share buyback program, which has been active since the Annual General Meeting on March 9, 2023.
To date, Geiger Counter Limited has acquired a total of 16,815,448 ordinary shares under this program. The shares bought back are to be held in Treasury. Following the latest transaction, the company has 135,853,899 ordinary shares with voting rights in circulation, in addition to 16,820,350 ordinary shares now held in Treasury.
Share buybacks are a common strategy employed by companies to return value to shareholders, often indicating the firm’s belief that its shares are undervalued. By reducing the number of shares available on the market, buybacks can increase the value of the remaining shares if the company’s performance remains constant.
The financial details of the buyback were released through RNS, the news service of the London Stock Exchange (LON:LSEG), which is approved by the Financial Conduct Authority in the UK. The information provided is based on a press release statement from Geiger Counter Limited.
Investors and market watchers often scrutinize share repurchase announcements as they can reflect a company’s confidence in its own financial health and outlook. However, it’s important to note that while buybacks can be a signal of strength, they are not always indicative of future performance.
Geiger Counter Limited has not disclosed any further strategic intentions behind the buyback nor its impact on the company’s capital structure or its future buyback plans. The company’s website offers more information for those interested in its operations and investment approach.
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