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LONDON - Touchstar plc (AIM:TST), a provider of mobile data computing solutions and managed services, has initiated a share buyback program to repurchase up to £100,000 worth of its ordinary shares, starting today. The company’s board believes this move aligns with the interests of shareholders, leveraging the firm’s cash surplus to enhance shareholder value.
The buyback program will be managed by Zeus Capital Limited, Touchstar’s appointed broker, under an irrevocable and non-discretionary arrangement effective from today. Zeus will operate the program independently, making trading decisions within certain parameters set by the company.
This program is set to end either when the total repurchase amount reaches £100,000 or at the date of the company’s next annual general meeting, expected in late June 2025. During this period, Touchstar will not have the authority to alter the program’s terms.
Repurchases will be conducted on the open market, subject to market conditions, share price, and trading volumes. The buyback is in line with the authority granted by shareholders at the Annual General Meeting on June 3, 2024, which allows for the purchase of a maximum of 820,007 ordinary shares. The price per share will not exceed 105% of the average trading price of the last five trading days preceding the purchase, and will adhere to the regulations of the London Stock Exchange (LON:LSEG).
The repurchased shares may either be cancelled or held as treasury shares, which do not carry dividend rights or voting power at general meetings. The buyback will comply with relevant market abuse regulations in the UK.
Following the announcement, Touchstar’s issued share capital remains at 8,475,077 shares, with 275,000 shares held in treasury. Consequently, the total voting rights in the company now stand at 8,200,077. Shareholders can use this figure as the denominator for notifications of interest changes as per the FCA’s Disclosure Guidance and Transparency Rules.
Touchstar has confirmed that there is no unpublished price-sensitive information at the time of this announcement. Further updates on the buyback program will be provided as it progresses. This information is based on a press release statement from Touchstar plc.
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