Georgia Capital doubles share buyback program to $50 million

LONDON - Georgia Capital PLC, a company focused on investments in various sectors within Georgia, has announced an additional $25 million allocation to its existing share buyback and cancellation program, effectively doubling the total amount to $50 million. The board of directors sanctioned the increase, which takes immediate effect, with the aim of reducing the company’s share capital.

The buyback program, which involves purchasing shares on the open market and canceling treasury shares monthly, will not pay more than the latest reported net asset value (NAV) per share for any repurchases. This move aligns with the board’s previously stated goal from May 17, 2024, to return at least 300 million Georgian Lari (GEL) to shareholders by the end of 2026. With this increase, the total allocated for share buybacks under the capital return initiative now stands at GEL 251 million, of which GEL 176 million has already been utilized.

In line with the authority granted by shareholders at the 2024 annual general meeting (AGM), the program stipulates that no more than 1,873,253 shares may be repurchased. The buyback is conducted within specific parameters, adhering to the FCA Listing Rules and the Market Abuse Regulation 596/2014/EU, among other regulatory frameworks.

The program will continue until the earlier of the company’s 2025 AGM or its expiration on June 23, 2025. Should the AGM occur first, the company will seek to renew the authority to repurchase shares. If renewed, the buybacks will proceed under the authorization granted at the 2025 AGM until the program’s end date.

Numis Securities Limited has been tasked with managing the share buyback program, which will operate irrevocably and non-discretionarily until its conclusion. During closed periods, neither the company nor its directors can alter the program, which is executed at Deutsche Numis’s sole discretion.

Future announcements will be made following the completion of any share repurchases. This expansion of the share buyback program reflects Georgia Capital’s ongoing strategy to enhance shareholder value and manage its capital structure effectively. The information in this article is based on a press release statement.

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