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LONDON - Investec Limited has purchased over 2.1 million ordinary shares of Investec plc on the London Stock Exchange (LSE) since launching its share buyback program on August 20, according to a company statement released Thursday.
The financial services group reported spending approximately £11.8 million on these purchases, including dealing and associated costs. Between August 27 and September 2, Investec acquired 1,183,024 Investec plc shares on the LSE at prices ranging from £5.34 to £5.57 per share, with an average price of £5.47.
Concurrently, Investec Limited purchased 883,589 Investec plc shares on the Johannesburg Stock Exchange (JSE) during the same period, at prices between R126.70 and R133.24, averaging R130.24 per share. Since the program’s inception, the company has acquired 1,773,195 shares on the JSE at a total cost of approximately R232.4 million.
Additionally, Investec Limited repurchased 629,936 of its own ordinary shares on the JSE between August 27 and September 2, with prices ranging from R127.60 to R134.19 per share. The company has bought back 1,387,305 of its own shares since August 20, spending about R183.3 million.
According to the press release, Investec intends to treat the purchased Investec plc shares as treasury shares in its consolidated financial statements, while the repurchased Investec Limited shares will be canceled and reinstated as authorized but unissued shares.
Investec Bank Limited is serving as the financial advisor, corporate broker, and JSE sponsor for the buyback program.
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