Health and Plant Protein Group Limited (ASX:HPP) announces a share repurchase program. Under the program, the company will repurchase up to 7,142,857 shares, representing 5.82% of its issued share capital. The shares will be repurchased at a price of AUD 0.042 per share.

The purpose of the offer is to return a portion of the net proceeds from the disposal of its macadamia division which are presently available to the company and provide eligible shareholders with the opportunity to realize part or all of their investments in the company, noting that company's securities are suspended from trading on ASX. All shares that are bought back will be cancelled. If participation in the offer exceeds the offer limit, the number of shares bought back will be scaled back as determined by the Board, having regard to the pro-rata shareholding of each shareholder, and prioritizing acceptances in a manner that ensures shareholders are not left with an unmarketable parcel of shares (that is, a parcel of shares which, in aggregate, is worth less than AUD 500 at the offer price).

The company has fixed February 29, 2024, as the record date. The offer will expire on April 5, 2024. As of February 23, 2024, the company has 122,820,738 shares in issue.