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LONDON - Northamber PLC (AIM:NAR), a UK-based value-add distributor of Audio Visual and IT products, has announced the buyback of 300,000 of its ordinary shares at a price of 32 pence per share. The transaction occurred on Monday, and the shares will be held in treasury.
Following this buyback, the total issued share capital of Northamber stands at 27,113,404 ordinary shares, each with one voting right. With the inclusion of the treasury shares, the total number of voting rights in the company remains at 27,113,404. This number is significant for shareholders who need to determine if they must notify changes in their stake in the company, as per the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
The buyback took place on the AIM exchange, a sub-market of the London Stock Exchange (LON:LSEG), designed for smaller, growing companies. This move can be an indicator of the company’s confidence in its financial health and a signal to investors of a potential undervaluation of the shares.
Northamber’s decision to repurchase shares and hold them in treasury is a financial strategy that companies often use to manage their capital structure. The repurchased shares can be used for various purposes, including future employee stock option plans or as a means to increase the value of remaining shares by reducing the supply.
The details of the transaction comply with the Market Abuse Regulation (EU) No 596/2014, which is part of UK law following the European Union (Withdrawal) Act 2018. A detailed breakdown of the individual trades, as required by regulation, has been made available.
The information in this article is based on a press release statement from Northamber PLC.
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