Allied Minds plc commences an Equity Buyback Plan for 24,218,799 shares, representing 10% of its issued share capital, under the authorization approved on May 12, 2021.
June 23, 2021 at 02:00 am EDT
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Allied Minds plc (LSE:ALM) commences share repurchases on June 23, 2021 under the program mandated by the shareholders in the Annual General Meeting held on May 12, 2021. As per the mandate, the company is authorized to repurchase up to 24,218,799 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting, or on August 12, 2022, whichever is earlier. As of April 2, 2021, the company had 242,187,985 ordinary shares in issue and no shares in treasury.
Allied Minds plc (Allied Minds) is a United Kingdom-based intellectual property (IP) commercialization company. The Company focuses on early-stage company development within the technology sector. Allied Minds operates and funds a portfolio of companies to generate long-term value for its investors and stakeholders. Allied Minds supports its businesses with capital, central management and shared services. It manages various portfolio companies, such as BridgeComm, Inc., which is engaged in developing a network of optical ground stations designed to support complementary fixed and mobile terminals; Federated Wireless, Inc., which offers fixed and private wireless solutions; Orbital Sidekick, Inc., which provides global monitoring services; OcuTerra Therapeutics, Inc., which is a drug development company to treat ophthalmic diseases, and TableUp, Inc, which is a software provider that enables restaurants to offer dine-in, takeout, and delivery through an online ordering system.
Allied Minds plc commences an Equity Buyback Plan for 24,218,799 shares, representing 10% of its issued share capital, under the authorization approved on May 12, 2021.