Coral Products PLC commences an Equity Buyback Plan for 12,392,230 shares, representing 13.73% of its issued share capital, under the authorization approved on September 27, 2023.
October 02, 2023 at 12:34 pm EDT
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Coral Products plc (AIM:CRU) commences share repurchases on October 2, 2023, under the program mandated by the shareholders in the Annual General Meeting held on September 27, 2023. As per the mandate, the company is authorized to repurchase up to 12,392,230 shares, representing 13.73% 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 purchase is made 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 on the trading venue where the purchase is carried out. The authority shall expire at the conclusion of the next Annual General Meeting of the company in 2024. As of September 8, 2023, the company had 90,277,589 ordinary shares in issue.
On September 29, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 5,000,000 of its shares for £0.7 million. The program will be valid till company's Annual General Meeting or October 31, 2024. As of September 29, 2023, the company had 90,277,589 shares including 4,000,000 treasury shares.
Coral Products PLC is a United Kingdom-based manufacturer and distributor of plastic products. The principal activity of the Company and its subsidiaries is the manufacture of plastic injection, extrusion, vacuum formed, fabricated products, cap enclosures and distribution of a range of trigger sprays and nozzles. It offers its products to a range of sectors, including personal care, household, healthcare, automotive, telecoms and rail. It has operations in the United Kingdom with manufacturing and distribution facilities throughout the North West of England. The Companyâs subsidiaries include Film & Foil Solutions Ltd, which is a converter and stockist of flexible packaging film, print lamination film and specialty plastics; Alma Products Ltd, is engaged in providing formable plastic sheet for form-fill-seal applications, thermoformed and printed plastic food packaging, and Manplas Limited, which is a provider of customized product protection solutions solving logistical problems.
Coral Products PLC commences an Equity Buyback Plan for 12,392,230 shares, representing 13.73% of its issued share capital, under the authorization approved on September 27, 2023.