LONDON - Foresight Group Holdings Limited, an independent investment manager specializing in UK & Ireland private equity and international infrastructure strategies, announced today the extension of its share buyback programme by an additional £5 million. This increase raises the total maximum spend for the programme to £15 million.
The extension follows the company's previous expansions of the buyback initiative, which began on 27 October 2023 and was extended on 27 June 2024. To date, Foresight has repurchased 2,133,380 shares for a total cost of approximately £9.91 million.
The Board of Foresight has authorized this extension, believing it to be an efficient use of the company's cash resources and in the best interests of both the company and its shareholders. Numis Securities Limited, operating as Deutsche Numis for this purpose, will continue to execute trades on behalf of Foresight independently from the company. This autonomy is within the constraints of the authority granted at the annual general meeting on 2 August 2024, which allows for the repurchase of up to 11,589,254 shares, of which 1,503,818 have already been bought back.
The share buyback will be funded using existing cash reserves and will not exceed the authorized number of shares or the price limitations set forth in the General Authority. These conditions stipulate that the maximum price per share cannot exceed 105% of the average middle market closing price on the London Stock Exchange (LON:LSEG) for the five days preceding the purchase or the higher of the last independent trade and the highest independent bid at the time of purchase.
The repurchased shares may be held in treasury, where they will not be entitled to dividends or voting rights, and may be reissued or canceled at the discretion of the Group.
Shareholders have approved a waiver of Rule 9 of the Takeover Code, which would allow the concert party of Bernard Fairman, Gary Fraser, and David Hughes to increase their aggregate shareholdings from 34.4% to 37.7% if the authority is fully exercised.
The buyback is subject to market conditions and will be conducted in accordance with the Market Abuse Regulation and within the daily quantity limits. The company confirms it is not in a closed period and has no undisclosed inside information.
The information is based on a press release statement from Foresight Group Holdings Limited.
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