Capital Limited commences an Equity Buyback Plan for 19,005,484 shares, representing 10% of its issued share capital, under the authorization approved on April 28, 2021.
January 06, 2022 at 02:15 am EST
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Capital Limited (LSE:CAPD) commences share repurchases on January 5, 2022, under the program mandated by the shareholders in the Annual General Meeting held on April 28, 2021. As per the mandate, the company is authorized to repurchase up to 19,005,484 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is $0.0001 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 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 on the trading venue. The authority shall expire at the earlier of the next Annual General Meeting of the company or 15 months. As of April 28, 2021, the company had 190,054,838 ordinary shares in issue and as of March 31, 2021, the company had no shares in treasury.
On December 31, 2021, the company entered into a buyback agreement with Stifel Nicolaus Europe Limited ("Stifel") to repurchase 2,000,000 ordinary shares, for $2.5 million. The purpose of the program is to reduce the share capital of Capital or meet obligations arising from share option program. All ordinary shares repurchased will be held in treasury. This agreement will end no later than the earlier of the maximum program size limits being met and the company's next annual general meeting.
Capital Limited is a United Kingdom-based mining services company. The Company provides a complete range of drilling, mining, maintenance and geochemical laboratory solutions to customers within the minerals industry, focusing on the African markets. The Companyâs businesses include Capital Drilling, Capital Mining, MSALABS and Capital Investments. Its Capital Drilling business provides a complete range of drilling solutions for projects across the mining cycle from exploration to production. Its drilling services include air core, blast hole, delineation, dewatering, directional, deep hole directional, exploration, grade control, pre-splits, reverse circulation and underground drilling. Its Capital Mining business provides a fully flexible and complete load and haul and mining service for mine owners. Its mining services include load and haul, maintenance services, equipment operational hire and fully integrated mining contracts tailored to the mine ownersâ specific circumstances.
Capital Limited commences an Equity Buyback Plan for 19,005,484 shares, representing 10% of its issued share capital, under the authorization approved on April 28, 2021.