LONDON - Georgia Capital PLC has initiated a $25 million share buyback and cancellation program, as approved by its board of directors. The buyback is aimed at reducing the company's share capital and will be active for six months or until the next Annual General Meeting in 2025. Shares will be acquired on the open market, with the cancellation of treasury shares occurring monthly.
The buyback aligns with the Board's previously stated plan to allocate a minimum of GEL 300 million for capital returns by the end of 2026, a strategy first announced on May 17, 2024. Since then, $40 million has been utilized for share repurchases, bringing the total capital returned to shareholders post-demerger to $127 million, or 11 million shares. This constitutes 23% of the issued share capital at its highest point.
The maximum number of shares that may be repurchased under this program is 3,331,969, adhering to the authority granted at the 2024 AGM. The buyback will be conducted within pre-determined parameters and in compliance with the FCA Listing Rules and relevant market abuse regulations.
Numis Securities Limited has been appointed to manage the share buyback program, which will operate irrevocably and non-discretionarily until its conclusion. During closed periods, neither the company nor its directors can alter the program, which is solely managed by Numis Securities.
Further announcements will be made following the completion of any share repurchases. This program is part of Georgia Capital's broader strategy, which focuses on investing in large-scale opportunities in Georgia and exiting these investments as they mature. The company has a diverse portfolio, including businesses in the retail, insurance, healthcare, renewable energy, education, and other sectors, as well as stakes in water utilities and the Bank of Georgia Group PLC.
This news is based on a press release statement and does not serve as an offer to sell or a solicitation of an offer to buy any securities.
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