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LONDON - On the Beach Group plc (LSE:OTB.L) announced Wednesday it will commence a share buyback program for up to £25 million, following its FY25 trading update released the same day.
The online travel retailer said the purchased ordinary shares will be canceled as part of the program, which begins immediately and will run until March 31, 2026, or potentially later depending on shareholder approval at the company’s next annual general meeting.
The buyback comes after On the Beach has already returned £30 million to shareholders through previous share buybacks and dividends in FY25, according to the company’s statement.
Peel Hunt LLP and Numis Securities Limited trading as Deutsche Numis have been appointed to execute the share repurchases independently of the company on the London Stock Exchange and other trading venues.
The program will operate under the general authority granted to directors by shareholders at the company’s 2025 annual general meeting, which permits the repurchase of up to 12,625,307 ordinary shares, reflecting the original authorization minus 3,805,796 shares already bought back.
Due to limited liquidity in the company’s shares, the daily volume of purchases may exceed 25% but remain below 50% of average daily trading volume.
On the Beach stated the buyback aligns with its capital allocation policy, which prioritizes business investment for organic growth, maintaining progressive dividends, investing in growth opportunities, and returning surplus cash to shareholders.
The information was released in a regulatory announcement to the London Stock Exchange.
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