IFX Power PLC
12 March 2002
12 March 2002
IFX Power plc
IFX Power plc ('the Company' or 'IFX Power') announces that it intends to
propose at the Company's Annual General Meeting on 17 April 2002 a special
resolution seeking authority from shareholders for the Company to purchase its
own shares.
This authority would allow the Company to purchase up to 2,113,711 ordinary
shares in the market, representing approximately 10% of the Company's issued
share capital. Shares would be acquired at a price not exceeding 105% of the
average middle market quotation for an Ordinary Share derived from the London
Stock Exchange Official List for the five business days immediately prior to the
date of purchase.
It is now standard practice for companies to seek authority to buy back shares.
The directors would not expect to utilise the authority unless, in the light of
market conditions prevailing at the time, they consider that to do so would
enhance earnings per share and would be in the best interests of shareholders
generally. The directors have no current intention of using this authority.
Notice convening the meeting is expected to be posted to shareholders with the
Company's annual report.
This information is provided by RNS
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