Anglo-Eastern Plantations Plc commences an Equity Buyback Plan for 3,963,637 shares, representing 10% of its issued share capital, under the authorization approved on June 16, 2023.
August 31, 2023 at 03:04 am EDT
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Anglo-Eastern Plantations Plc (LSE:AEP) commences share repurchases on August 31, 2023, under the program mandated by the shareholders in the Annual General Meeting held on June 16, 2023. As per the mandate, the company is authorized to repurchase up to 3,963,637 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company?s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or June 30, 2024. As of May 12, 2023, the company had 39,976,272 ordinary shares in issue and 339,900 ordinary shares in treasury.
On August 24, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 396,360 ordinary shares, representing approximately 1% of the Ordinary Shares in issue, for £3.2 million. The company has entered into an irrevocable commitment with Panmure Gordon (UK) Limited ("Panmure Gordon") to manage the Program from August 25, 2023.
Anglo-Eastern Plantations Plc is a United Kingdom-based producer of palm oil and rubber with plantations across Indonesia and Malaysia. The Company operates a planted area of approximately 75,239 hectares (ha). The Company operates approximately six palm oil mills in Indonesia. The Company has its assets based on geographical location, including North Sumatera, Bengkulu, Riau, Bangka, Kalimantan, Plasma and Malaysia. Its fresh fruit bunches (FFB) production in North Sumatera, which aggregates the estates of Tasik, Anak Tasik, Labuhan Bilik (HPP), Blankahan, Rambung, Sg Musam and Cahaya Pelita (CPA) produced 423,900 metric ton (mt). Its FFB production in Bengkulu, which aggregates the estates of Puding Mas (MPM) and Alno produced 269,500 mt. Its FFB production in the Riau region, comprising Bina Pitri estates, produced 135,000 mt. Its FFB production in the Bangka region, comprising Bangka Malindo Lestari estates, produced 12,900 mt. Its FFB production in Malaysia is 9,300 mt.
Anglo-Eastern Plantations Plc commences an Equity Buyback Plan for 3,963,637 shares, representing 10% of its issued share capital, under the authorization approved on June 16, 2023.