Business
Share Buyback Programme
Share Buyback Programme.
About this update from Touchstar Plc
[{"type":"text","content":"\n\n \n6 May 2025\n \n \nTouchstar plc\n(the \"Company\", \"Touchstar\" or the \"Group\")\n \nShare Buyback Programme\n Touchstar 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 initial share buyback programme of ordinary shares of 5 pence each (\"Ordinary Shares\") to repurchase up to £100,000 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.\nThe 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.\nThe Buyback Programme commences today and will end on the earlier of the date upon which the aggregate consideration paid for Ordinary Shares reaches £100,000 or the date of the Company's next annual general meeting (expected to be in late June 2025) (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. It is expected that the Buyback programme will be extended.\n \nOrdinary Share repurchases will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volume. The Buyback Programme is in accordance with the Company's general authority to purchase a maximum of 820,007 Ordinary Shares, granted by its shareholders at the Annual General Meeting held on 3 June 2024, including that the maximum price paid per Ordinary Share will be no more than: 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 Ex...