Augmentum Fintech PLC commences an Equity Buyback Plan for 26,865,291 shares, representing 14.99% of its issued shares, under the authorization approved on September 14, 2022.
September 23, 2022 at 12:00 am EDT
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Augmentum Fintech PLC (LSE:AUGM) commences share repurchases on September 23, 2022, under the program mandated by the shareholders in the Annual General Meeting held on September 14, 2022. As per the mandate, the company is authorized to repurchase up to 26,865,291 shares, representing 14.99% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher 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 of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be 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. The shares purchased may either be cancelled or held as treasury shares, sold or otherwise dealt with as Treasury Shares in accordance with the Act. The authority shall expire at the conclusion of the next Annual General Meeting of the company to be held in 2023 or, if earlier, on the expiry of 15 months from the date of the passing of this resolution unless such authority is renewed prior to such time. As of June 30, 2022, the company had 179,221,425 ordinary shares in issue.
Peel Hunt LLP and Singer Capital Markets Securities Limited acted as joint broker for the company.
Augmentum Fintech plc is a United Kingdom-based investment company. The Company invests in early and later-stage fintech businesses that are disrupting the banking, insurance, asset management and financial services sectors. The Company's investment objective is to generate capital growth over the long term through investment in a focused portfolio of fast-growing and/or high-potential private financial services technology (fintech) businesses based predominantly in the United Kingdom and wider Europe. In order to achieve its investment objective, the Company invests in early or later-stage investments in unquoted fintech businesses. The Company may also invest in partnerships, limited liability partnerships and other legal forms of entity. Its portfolio includes Grover, Tide, Zopa, Onfido, Cushon, Monese, Gemini, BullionVault, AnyFin among others. Augmentum Fintech Management Limited is the portfolio manager of the Company.
Augmentum Fintech PLC commences an Equity Buyback Plan for 26,865,291 shares, representing 14.99% of its issued shares, under the authorization approved on September 14, 2022.