Foresight extends share buyback by £5m
By Josh White
Date: Monday 09 Dec 2024
(Sharecast News) - Investment manager Foresight Group announced an extension of its share buyback programme on Monday, increasing the maximum amount by £5m to £15m.
The FTSE 250 company said the buyback, originally launched on 27 October 2023 and extended in June this year, had so far repurchased 2,133,380 shares for £9.91m.
Its board said it saw the continuation of the buyback as an optimal use of resources, aligning with shareholder interests.
The programme would be executed by Deutsche Numis, acting independently of Foresight.
Foresight said the buyback was operating under the authority granted at its annual general meeting on 2 August, which permitted repurchases of up to 11,589,254 shares.
To date, 1,503,818 shares of that allocation had been used.
Purchases would adhere to pricing limits set at the meeting, with the maximum price determined by a formula tied to recent market prices, and the minimum price set at nil.
Shares repurchased under the programme would be held in treasury for potential reissue or cancellation.
Treasury shares do not carry voting rights or entitlement to dividends.
The group said share repurchases would depend on market conditions and could be paused at Deutsche Numis's discretion.
At 0816 GMT, shares in Foresight Group Holdings were down 0.24% at 412p.
Reporting by Josh White for Sharecast.com.
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