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LONDON - Lowland Investment Company PLC (LON:LWI) announced Wednesday it is seeking shareholder approval to renew its share buyback authority after nearly exhausting its current mandate.
The investment company has already repurchased 37,419,766 ordinary shares as of August 11, approaching the limit of 38,583,065 shares (representing 14.99% of issued capital) that was authorized at its January 28, 2025 Annual General Meeting.
Given the high level of recent buybacks, the company’s existing repurchase authority is likely to be depleted before its next annual meeting in January 2026, according to a circular published today.
The company has scheduled a General Meeting for September 10 at 2:00 p.m. in London to seek shareholder approval for a new buyback mandate.
Lowland’s directors stated that share repurchases are limited to circumstances where shares trade at a discount to their net asset value and when such actions are deemed in shareholders’ best interests. Any repurchased shares will either be canceled or held in treasury.
If approved, the company may execute the buybacks through either a single purchase or a series of transactions when market conditions are favorable, with the aim of maximizing shareholder benefit.
The circular containing full details of the proposal has been submitted to the National Storage Mechanism and is being mailed to shareholders, according to the company’s press release statement.
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