LONDON - The Mission Group Plc (AIM: TMG), a conglomerate of digital marketing and specialist communications agencies, has announced the initiation of a share buyback program to repurchase up to £1.5 million worth of its ordinary shares. The program, which began on Thursday, will involve on-market purchases on the London Stock Exchange (LON:LSEG) and other UK recognized investment exchanges.
The buyback aligns with the company's Capital Allocation Policy and aims to return capital to participating shareholders. The purchases will be conducted within certain pre-set parameters and will not exceed the maximum number of ordinary shares authorized at the company's Annual General Meeting on June 17, 2024.
Canaccord Genuity Limited will act on behalf of the Mission Group to execute the share buyback program. The repurchases will be made when management deems the share price to reflect at or below the intrinsic value of the company and in the best interest of shareholders.
The program is set to run until the earlier of the 2025 annual general meeting or until the Maximum Monetary Amount has been reached. Shares acquired will be held in treasury with suspended rights, including voting and dividend entitlements, and may be later reissued or cancelled at the company's discretion.
The Mission Group has confirmed that it is not in a close period and has no unpublished inside information. The company will make further regulatory announcements as required by applicable laws and regulations, including the UK Market Abuse Regulation and the AIM Rules for Companies.
This buyback program represents a strategic move by the Mission Group to manage its capital effectively and potentially enhance shareholder value. It should be noted that there is no certainty that the share buyback will be completed in full or that any purchases will actually be made. The company reserves the right to pause or halt the program depending on market conditions and in accordance with relevant laws and regulations.
As of December 31, 2024, the Mission Group's total issued share capital consisted of 92,238,119 Ordinary Shares, with none held in treasury. This share buyback program is based on a press release statement issued by the Mission Group.
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