Paragon Banking Group PLC (LSE:PAG) commences share repurchases on June 9, 2023, under the program mandated by the shareholders in the Annual General Meeting held on March 1, 2023. As per the mandate, the company is authorized to repurchase up to 23,000,000 shares, representing 9.85% of its issued share capital. The maximum price which may be paid for an ordinary share is an amount equal to 5% above the average middle market quotations for the ordinary shares taken from the London Stock Exchange plc Daily Official List for five business days immediately preceding the day on which that share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out. The minimum price which may be paid for an ordinary share is 10p. The repurchased shares will be cancelled or held as treasury shares for further resale or used to provide for employee share schemes. Unless previously renewed, varied or revoked, the authority shall expire on the earlier of the conclusion of the next Annual General Meeting in 2024, or on May 31, 2024. As at January 6, 2023, the company had 241,520,570 issued ordinary shares of which 8,075,413 were treasury shares.

On June 6, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to £50 million worth of its shares. The purpose of the program is to reduce the capital of the company. The repurchases will commence immediately and the program will expire on August 11, 2023.