Business
Results of AGM, Business Update & Share Buyback
Results of AGM, Business Update & Share Buyback.
About this update from Touchstar Plc
[{"type":"text","content":"\n\n\n \nTouchstar plc\n(the \"Company\", \"Touchstar\" or the \"Group\")\nResults of AGM\nBusiness Update\nExpansion of Share Buyback Programme\n \nThe Company announces that at its Annual General Meeting (\"AGM\") held earlier today all resolutions were duly passed. The results of the proxy voting will be available on the Company's website in due course, www.touchstarplc.com. \nIn conjunction with today's AGM of shareholders, Touchstar announces a business update and an extension and expansion of Share Buyback Programme. \nBusiness Update\n· Trading remains in line with the Board expectations\n· Lynden Jones approved as CEO and director of the company\n· As previously indicated the Company expects financial results for the full year 2025 to be second half weighted.\n· Mark Hardy steps down from the position of CEO and as a director of the Company\n· The next formal update to shareholders is anticipated to be the release of the Company's interim results scheduled for mid - September.\n \nExpansion of Share Buyback Programme\nTouchstar plc (AIM: TST), suppliers of mobile data computing solutions and managed services to a variety of industrial sectors, is pleased to announce the launch of an extension and expansion initial share buyback programme of ordinary shares of 5 pence each (\"Ordinary Shares\") now having the ability to repurchase up to £1,000,000 worth of Ordinary Shares (the \"Buyback Programme\"), effective from today.\nThe Board considers the Buyback Programme to be in the best interests of all shareholders, given the cash generative nature of the business and the surplus cash the Company holds. It is also consistent with the Board's desire to increase shareholder value/ returns.\nAs previously reported the Company has appointed its broker, Zeus Capital Limited (\"Zeus\"), to manage the Buyback Programme to repurchase Ordinary Shares on its behalf and entered into an irrevocable and non-discretionary arrangement on 6 May 2025 with Zeus, to enable Zeus to conduct the Buyback Programme on a broker-managed basis. Zeus will make trading decisions in relation to the Buyback Programme independently of the Company, within certain defined parameters. This will be expanded from the current limit of £100,000 to £1,000,000 ...