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LONDON - Nexteq plc (AIM:NXQ), a technology solutions provider to selected industrial markets, announced Tuesday it has called a General Meeting for September 18 to seek shareholder approval for a share buyback program and a Rule 9 waiver under the Takeover Code.
The company is requesting authorization to repurchase up to 10% of its issued share capital, representing approximately 5.99 million ordinary shares. This follows the completion of its previous buyback program in March 2025, when the company purchased the full 6.65 million shares authorized at its April 2024 general meeting.
The proposed buyback would allow Nexteq to purchase shares at prices no less than their nominal value of 0.1 pence and no higher than 5% above the average closing middle market quotations for the five preceding business days.
A key consideration for shareholders is the potential increase in voting rights held by the company’s "Concert Party" - a group including Nicholas Jarmany, Gary Mullins, and other related individuals and entities. Their combined stake could increase from 37.06% to approximately 41.18% if the full buyback authority is utilized.
The Takeover Panel has agreed to waive the obligation for the Concert Party to make a general offer to all shareholders that would normally be required under Rule 9 of the Takeover Code when a party’s voting rights exceed 30%, subject to approval by independent shareholders.
In its July trading update, Nexteq stated it remains confident in meeting market expectations for 2025, with second-half revenues expected to exceed first-half figures.
The company cited its strong cash position as justification for the buyback program, which it believes will enhance earnings per share and provide shareholders with flexibility to realize value in their holdings.
The information is based on a press release statement from Nexteq.
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