Following the successful completion on
The Board remains of the opinion that the Company's shares currently trade at a significant discount to their intrinsic value per share, despite the strong operational and financial momentum of the business, and therefore continues with the belief that share buybacks are an appropriate means of returning value whilst maximising sustainable long-term growth for shareholders, given the enhancement to net asset value, earnings and dividends per share that will result from reducing the number of shares in issue. The purpose of the Programme is therefore to reduce the issued ordinary share capital of the Company.
The Programme can commence from the date of this announcement and will expire at
Any purchase of Ordinary Shares will be executed in accordance with the limits of the Company's general authority to repurchase Ordinary Shares granted by its shareholders at the Company's 2021 Annual General Meeting on
It is intended that the Programme will be effected as far as possible in accordance with the Market Abuse Regulation 596/2014/EU (as in force in the
Under the terms of the agreement, WH Ireland will make purchases of the Shares under the buy-back programme independently of, and uninfluenced by, the Company. Purchases may continue during any closed period to which the Company is subject. The Company confirms that it currently has no unpublished inside information.
All shares repurchased under the Programme will be held in treasury until the end of the Programme and then cancelled.
The Board will keep the Programme under review to make sure it continues as an efficient and effective means of generating value for shareholders. While the Company has launched the Programme, there is no certainty on the volume of shares that may be acquired under the Programme and the pace of acquisitions.
The Company will make further announcements in due course following the completion of any buyback of shares.
Contact:
Tel: +27 (82) 051 1071
(C) 2022 Electronic News Publishing, source