LONDON - The Pebble Group PLC (AIM: PEBB), a prominent player in digital commerce and services for the global promotional products sector, has updated its share buyback strategy, initially launched on August 8, 2024. The company has modified the terms with Panmure Liberum Limited, its retained corporate broker, to repurchase shares with a maximum aggregate consideration of £4.36 million.
The modification comes as a response to the illiquidity of the Group's ordinary shares, which has limited the company's ability to repurchase shares under the safe harbor volume parameters set by the EU Market Abuse Regulation. The Group's ordinary shares have been trading at low volumes, prompting the need for a more flexible approach to the buyback.
Under the revised plan, Panmure Liberum will manage the buyback independently of the Group, with the ability to continue purchases even during closed periods. The buyback is in line with the authority granted by the Group's shareholders at the Annual General Meeting on April 30, 2024. The purchased shares are to be cancelled, aiming to reduce the issued share capital of the Group.
The Group has announced that the amended buyback program will commence today and will continue until the earlier of the maximum aggregate consideration being met or the close of business on June 30, 2025, or the conclusion of the next AGM in 2025 if it occurs sooner.
The Group also cautions that the buyback could represent a significant portion of the daily traded volume of the Group's ordinary shares on the London Stock Exchange (LON:LSEG) and may exceed 25% of the average daily volume, potentially disqualifying the Group from certain MAR exemptions.
The company will announce any market purchases of shares no later than 7:30 am (UK time) on the business day following the transaction. This adjustment to the share buyback program reflects The Pebble Group's strategy to manage its capital efficiently, despite the challenges presented by share liquidity. The information is based on a press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.