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LONDON - Morgan Advanced Materials PLC (LON:MGAM) announced Friday it will proceed with a third tranche of its share buyback program worth £10 million, following the completion of its ongoing second tranche.
The third tranche will begin immediately after the current £10 million second tranche is completed. To date, the company has repurchased shares worth £4.7 million under the second tranche.
The company has instructed Investec (LON:INVP) Bank plc to execute the third tranche as a riskless principal, making independent trading decisions within pre-set parameters. All repurchases will be conducted on the London Stock Exchange (LON:LSEG) and other recognized investment exchanges.
The third tranche will conclude no later than July 31, 2026, and is part of the company’s broader £40 million buyback program announced on November 5, 2024. The first £10 million tranche was completed on March 4, 2025.
All share repurchases will comply with the authorization granted by shareholders at the company’s Annual General Meeting on May 8, 2025, and any relevant authority granted at the 2026 Annual General Meeting.
The purpose of the buyback program is to reduce the company’s share capital, with all repurchased shares to be canceled. Morgan Advanced Materials stated the program will not affect its existing dividend policy, which will continue with regular interim and final dividend payments.
According to the press release, Morgan Advanced Materials currently has 279,227,909 ordinary shares with voting rights and 437,281 cumulative preference shares with no voting rights, except in specific limited circumstances.
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