Business
Share Buyback, Rule 9 Waiver, Notice of GM
Nexteq PLC is seeking shareholder approval for a share buyback program, allowing the repurchase of up to 5,988,515 Ordinary Shares, representing 10% of the company's issued share capital. This program will last until the next AGM. The company is also seeking a waiver from independent shareholders regarding Rule 9 of the Takeover Code, as the Concert Party's ownership could increase to approximately 41.18% of voting rights if the buyback is fully utilized. The Concert Party currently holds 22,194,436 Ordinary Shares, representing 37.06% of the company's issued share capital as of September 1, 2025. A General Meeting is scheduled for September 18, 2025, to vote on these proposals. Disclaimer*
About this update from Nexteq Plc
[{"type":"text","content":"\n\nNexteq plc\n \n(\"Nexteq\", the \"Company\" or the \"Group\")\n \nProposed Share Buyback, Rule 9 Waiver and Notice of General Meeting\n \nNexteq (AIM: NXQ), a leading technology solutions provider to customers in selected industrial markets, announces that today it has posted a Circular to Shareholders giving Notice of a General Meeting, to be held at 11.00 a.m. on 18 September 2025 at the Company's offices at The Galleria, Station Road, Crawley, RH10 1WW.\nProposed Share Buyback and Rule 9 Waiver\nThe Company proposes to seek Shareholder approval to have the authority to buy back up to 10 per cent of the Company's issued share capital, being up to 5,988,515 Ordinary Shares (the \"Share Buyback Programme\"). It is the intention that this Share Buyback Programme will run until the authority expires at the Company's next AGM or such other date prior to then should it be completed sooner.\nAssuming utilisation of the full buyback authority, the Concert Party (being Nicholas Jarmany, Francesca Marzilli, Alessandro Jarmany, Oliver Jarmany, Daniel Jarmany, Gary Mullins, Sophie Mullins, Susan Mullins, John Mullins, Mark Mullins, Jacob Mullins, Joseph Mullins, Louis Mullins and Best Acumen Limited), may own up to approximately 41.18 per cent of the voting rights in the Company. Therefore, the Independent Shareholders will be asked to waive an obligation on the Concert Party to make a general offer for the entire issued, and to be issued, share capital of the Company which may arise under Rule 9 of the Takeover Code as a result of the Company purchasing its Ordinary Shares.\nThe Company has historically sought authority and received approval from its shareholders to make market purchases of its own shares, with the most recent authority being granted at a general meeting of the Company on 16 April 2024 (\"2024 GM\"), permitting the Company to repurchase up to 6,653,906 Ordinary Shares, equal to 10 per cent of the Company's issued ordinary share capital at the time of the 2024 GM (\"2024 Buy-Back Authority\"). As set out in a circular to Shareholders dated 28 March 2024, a waiver was also obtained from the Panel of any obligation which might otherwise have arisen on the Concert Party to make a general offer to Shareholders of the Company pursuant to Rule 9 of the City Code as a result of any market purchases of Ordinary...