Business
Share Buyback Programme
Share Buyback Programme.
About this update from Shoe Zone Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 to the extent it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended by virtue of the European Union (Withdrawal Agreement) Act 2020). Upon the publication of this announcement, this inside information is now considered to be in the public domain.\nShoe Zone plc\n(\"Shoe Zone\" or the \"Company\")\nShare Buyback Programme\nShoe Zone announces that it intends to conduct a share buyback programme of ordinary shares of £0.01 each in the capital of the Company (\"Ordinary Shares\") up to a maximum aggregate consideration of £2,250,000 (\"Maximum Amount\") (the \"Buyback Programme\").\nThe Company entered into an irrevocable and non-discretionary arrangement with its broker, Zeus Capital Limited (\"Zeus\"), on 30 May 2023 to enable Zeus to conduct the Buyback Programme on its behalf on a broker-managed basis, with trading decisions being taken independently of the Company albeit subject to certain limitations (including in respect of the maximum price payable per Ordinary Share).\nThe Buyback Programme commences today and ends on 28 June 2023 or, if earlier, the date upon which the aggregate consideration paid for Ordinary Shares reaches the Maximum Amount (the \"Buyback Period\"). During the Buyback Period the Company has no power to invoke any changes to the authority and any purchases will be undertaken by Zeus, acting independently of, and uninfluenced by, the Company.\nThe Buyback Programme is in accordance with the terms of the Company's authority to make market purchases of its own Ordinary Shares granted to it by shareholders on 9 March 2023 (the \"Authority\"), including that the maximum price paid per Ordinary Share shall not exceed the higher of: (a) 105 per cent. of the average trading price of the Ordinary Shares as derived from the middle market quotations for an Ordinary Share on the London Stock Exchange Daily Official List for the five trading days immediately preceding the date on which an Ordinary Share is contracted to be purchased; and (b) the higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase...