Ocean Outdoor launches new $22m share buyback
Ocean Outdoor Limited NPV (DI)
$10.20
16:09 13/06/22
Ocean Outdoor has entered into an arrangement with Barclays Bank, acting through its investment bank, to commence a discretionary share buyback programme to purchase up to $22m of the company's ordinary shares of no par value, it announced on Thursday.
Media
12,335.01
17:09 14/05/24
The London-listed firm said the buyback programme was following on from the programme undertaken by Barclays between 21 March and 30 September, under which a total of 396,730 ordinary shares were purchased by Barclays for an aggregate consideration of $3m, all of which were currently held in treasury.
It said the new arrangement would allow Barclays to purchase up to 4,603,270 ordinary shares in the company during open periods arising until 16 September 2020.
“Given the extremely low trading volume in the company's shares in recent months, it is likely that some or all share purchases effected by the Company under this arrangement on any single trading day would not be in compliance with the daily volume limitation of 25% of the average daily trading volume in the company's shares,” the board said in its statement.
“Purchases by the company could, therefore, amount to a significant percentage higher than 25% or represent all or an amount in excess of, the aggregate daily trading volume in the company's shares on the London Stock Exchange on that day.
“Share purchases may also be effected either on-exchange or off-exchange.”
The board said the sole purpose of the share repurchase arrangement was to reduce the company's share capital.