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LONDON - Spectra Systems Corporation (AIM:SPSY), a provider of banknote authentication and brand protection technologies, announced Tuesday the launch of a share buyback program to repurchase up to $350,000 worth of its common shares.
The program, which begins immediately, will run until December 5, 2025, or until the full amount has been utilized, whichever comes first. The company has appointed Zeus Capital Limited to manage the buyback on a broker-managed basis, with Zeus making independent trading decisions within defined parameters.
Under the terms of the program, shares will be purchased in open market transactions at prices not exceeding 105 percent of the average trading price over the five preceding trading days, with a maximum price cap of £1.35 per share. All repurchased shares will be canceled.
The company cited its cash-generating business model and surplus cash holdings as reasons for implementing the buyback.
Spectra Systems’ issued share capital remains unchanged at 47,758,431 shares in the unrestricted line (AIM:SPSY) and 542,258 shares in the Regulation S stock line (AIM:SPSC), for a total of 48,300,689 shares.
The buyback will be conducted within the parameters of relevant market abuse regulations, according to the company’s press release statement.
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