Tracsis launches £3m share buyback to reduce capital

LONDON - Tracsis plc, a leading provider of transport analytics and technology solutions, announced today the initiation of a share buyback program valued at up to £3.0 million. The program aims to repurchase the company’s ordinary shares with the intent to reduce its share capital.

The buyback agreement, conducted with financial services firm Joh. Berenberg, Gossler & Co. KG, London Branch (Berenberg), is non-discretionary and allows Berenberg to make trading decisions independently of Tracsis within certain pre-set parameters. The repurchased shares will be cancelled as part of the company’s strategy to return surplus capital to shareholders and maintain financial flexibility for future investments.

The decision to repurchase shares follows the authorization granted by shareholders at the Annual General Meeting on January 22, 2025, which permits the repurchase of no more than 1,517,674 ordinary shares. The buyback program will adhere to the Financial Conduct Authority’s Listing Rules and the Market Abuse Regulation (MAR) of the European Union, which are part of the Retained EU Law following Brexit.

The share repurchases will be executed on the open market based on factors such as market conditions, share price, and trading volume. There is no certainty that the buyback will be fully completed, and the program may be suspended at any time depending on market conditions. Berenberg has the discretion to pause the program if appropriate.

The share buyback program commenced today and will continue until either the full £3.0 million is utilized or the company publishes its Full Year Results for the fiscal year 2025. Any deviations from the safe harbor conditions outlined by MAR will be announced by the company if necessary to meet the program’s timeframe due to constraints like share illiquidity.

Tracsis will make further announcements following the completion of any repurchases. As of this announcement, the company’s issued share capital consists of 30,396,027 ordinary shares, each carrying voting rights. This share buyback initiative is based on a press release statement from Tracsis plc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.