Business
Share Buyback and Cancellation of Ordinary Shares
Share Buyback and Cancellation of Ordinary Shares.
About this update from Arc Minerals Limited
[{"type":"text","content":"\n\n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \nArc Minerals Limited\n \n(\"Arc Minerals\", the \"Company\" or the \"Group\")\n \nShare Buyback and associated Cancellation of Ordinary Shares\nTotal Voting Rights\nArc Minerals Limited (AIM:ARCM) is pleased to announce, further to its announcements on 11 March 2024 and 12 March 2024 (\"Placing Announcements\"), that it has executed an off-market share buyback agreement pursuant to which it has acquired 22,539,746 ordinary shares of no par value each (the \"Buyback Shares\") from Sveriges Lärare (formerly Lärarnas Riksförbund) for a total consideration of £405,715.43 (the \"Share Buyback\"). Each Buyback Share was acquired for 1.8 pence per Buyback Share (being the same price paid by investors in the Company's recent placing as set out in the Placing Announcements). The Buyback Shares represent 1.53% of the total issued share capital of the Company.\nAs explained in the Placing Announcements, the Directors believe that the ability to buy back a specific targeted shareholding in this manner should be beneficial to shareholders as a whole since by executing such a transaction, the Company is able to ensure that the Buyback Shares are disposed of in an orderly manner so as to avoid a considerable volume of shares being sold in the market far in excess of normal daily volumes of trades.\nProposed Cancellation of Ordinary Shares\nThe Buyback Shares are being acquired in CREST through a purchase of depositary interests by the Company's broker and the Company has instructed its registrars to ensure those depositary interests are withdrawn from CREST and the Buyback Shares are cancelled. Application has also been made to cancel the Buyback Shares from trading on AIM. Cancellation of the Buyback Shares is anticipated to take effect on or around 4 April 2024.\nTotal Voting Rights\nThe Company confirms that following the cancellation of the Buyback Shares on 4 April 2024, the tota...