LONDON - Geiger Counter Limited, an investment company, has announced the repurchase of 600,000 ordinary shares on Thursday. The shares were bought back at an average price of 49.60 pence per share, as part of the company's ongoing share repurchase program.
The transaction, which took place on January 16, 2025, contributes to the company's strategy to manage its share capital effectively. Since the Annual General Meeting on March 9, 2023, Geiger Counter Limited has bought back a total of 14,345,948 ordinary shares.
Following this latest buyback, the total number of ordinary shares with voting rights in the company stands at 138,323,399, with an additional 14,350,850 ordinary shares held in Treasury. The repurchased shares are intended to be held in Treasury, which may be used for future corporate activities.
Geiger Counter Limited focuses on investments in companies involved in the production and exploration of energy and related sectors. The company's investment portfolio is managed by CQS New City Investment Managers, a part of Manulife Investment Management.
The share repurchase is a part of the company's capital return to shareholders and is often seen as a signal of the management's confidence in the value and future prospects of the company. Share buybacks can also have the effect of increasing earnings per share by reducing the number of shares in circulation.
This latest development is based on a press release statement from Geiger Counter Limited, and further information about the company can be found on their website. The company's shares are traded on the London Stock Exchange (LON:LSEG), and the buyback activity is in accordance with market regulations and shareholder approvals.
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