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LONDON - Mercia Asset Management (LON:MERCM) PLC (AIM:MERC), a regionally focused private capital asset manager with approximately £2.0 billion of assets under management, announced Tuesday it is commencing a share buyback program of up to £3.0 million.
The buyback program aligns with the new annual share buyback policy announced in the company’s full year results released today. All shares purchased under the program will be cancelled, according to the company’s press release statement.
Mercia has appointed Canaccord Genuity Limited to conduct the buyback on its behalf on a broker-managed basis. The broker will make trading decisions independently of Mercia.
The program will be financed from existing cash resources and will continue until either the publication of preliminary results for the year ending March 31, 2026, or when the total value of shares purchased reaches the £3.0 million limit.
The company stated that the purpose of the share buyback is to reduce share capital and return capital to participating shareholders.
In accordance with the authority granted by shareholders at the September 26, 2024 Annual General Meeting, Mercia can purchase up to 43,109,572 ordinary shares, representing 10 percent of its issued share capital as of July 26, 2024.
The maximum price paid per share will not exceed 5 percent above the average mid-market value for the five business days before purchase, or the higher of the last independent trade and highest current independent bid.
Mercia confirmed that as of June 30, 2025, its issued share capital consisted of 431,455,017 ordinary shares with voting rights, with an additional 15,224,506 shares held in treasury.
The company noted that buybacks will take place in open market transactions and may be conducted periodically depending on market conditions, share price, and trading volume.
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