Telecom Plus Plc commences an Equity Buyback Plan for 7,947,344 shares, representing 10% of its issued share capital, under the authorization approved on August 4, 2023.

Telecom Plus Plc (LSE:TEP) commences share repurchases on November 22, 2023, under the program mandated by the shareholders in the Annual General Meeting held on August 4, 2023. As per the mandate, the company is authorized to repurchase up to 7,947,344 shares, representing 10% of its issued share capital. The minimum repurchase price which may be paid for an Ordinary Share is £0.05 and the maximum price which may be paid for an Ordinary Share cannot be more than the higher of 105% of the average market value of an Ordinary Share for the five business days prior to the day on which the Ordinary Share is contracted to be purchased.

The repurchased shares will be cancelled or held in treasury. The repurchase authority will expire at the conclusion of the 2024 AGM or if earlier, at the close of business on November 4, 2024. As of June 30, 2023, the company had 79,473,446 shares in issue and 482,276 shares held in treasury.