Caffyns plc commences an Equity Buyback Plan for 269,634 shares, representing 10% of its issued share capital, under the authorization approved on August 3, 2023.
February 02, 2024 at 07:40 am EST
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Caffyns plc (LSE:CFYN) commences share repurchases on February 1, 2024, under the program mandated by shareholders in the Annual General Meeting held on August 3, 2023. As per the mandate, the company is authorized to repurchase up to 269,634 shares, representing 10% of its share capital. The minimum price to be paid for repurchase is £0.005 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 purchase is made 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 repurchased shares will be cancelled. The authority will be valid for 15 months, unless previously revoked, renewed or varied. As of June 29, 2023, the company had 2,696,343 outstanding shares and 182,955 treasury shares.
Caffyns plc is a United Kingdom-based company, which offers deals on new cars and used vehicles. The Company is a car dealer in the southeast of England. It offers a stock of new and used vehicles for sale at 18 locations across Sussex and Kent, including brands, such as Volkswagen, Audi, SEAT, SKODA, Vauxhall, Volvo, MG, LEVC, Lotus, Motorstore, Cupra and Motability. Its businesses include Audi, SEAT, SKODA, Vauxhall, Volvo, and Volkswagen. It provides service to its customers, as well as delivering servicing offers at manufacturer-approved service centers across the southeast. It offers a range of electric and hybrid vehicles. Its service includes service booking, manufacturer servicing, MOT, smart repairs, maintenance, and tires, among others. The Company offers MOTs for Audi, SEAT, SKODA, Vauxhall, Volkswagen, and Volvo models. It offers manufacturer approved tires for Audi, SEAT, SKODA, Vauxhall, Volkswagen, and Volvo.
Caffyns plc commences an Equity Buyback Plan for 269,634 shares, representing 10% of its issued share capital, under the authorization approved on August 3, 2023.