TSX up after index logs fresh record high close
LONDON - Precision engineering group Hunting PLC (LSE:HTG) announced Thursday the commencement of a $40 million share buyback program, reflecting what the company describes as strong financial performance and confidence in its business prospects.
The program will be executed in three phases, with the first $15 million tranche beginning immediately and expected to conclude during the fourth quarter of 2025. A second $15 million tranche is scheduled to follow in early 2026, with a final $10 million portion targeted for completion in the second quarter of 2026.
Hunting has engaged RBC Europe Limited, Canaccord Genuity Limited, and Berenberg to execute the respective tranches of the buyback as independent principals. All shares purchased will be canceled, with the stated purpose being to reduce the company’s share capital.
The buyback follows Hunting’s July 9 trading update, in which the company reported strong trading performance. According to the press release, the company’s board has reviewed its capital allocation priorities after discussions with major shareholders, resulting in both an increased dividend distribution ambition and the announced share repurchase program.
Purchases will be conducted on the London Stock Exchange and potentially other trading venues, in accordance with the authority granted by shareholders at Hunting’s April 16, 2025 Annual General Meeting, which permits the company to repurchase up to 24,724,518 ordinary shares.
The company noted that the program’s timeline is subject to market conditions, and there is no guarantee it will be implemented in full.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.