Loungers plc (AIM:LGRS) commences share repurchases on June 9, 2023, under the program mandated by the shareholders in the Annual General Meeting held on October 14, 2022. As per the mandate, the company is authorized to repurchase up to 10,328,799 shares, representing 10% 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.

The shares purchased may either be cancelled or held as treasury shares, which may then be subsequently cancelled, sold for cash or used to satisfy share options and share awards under a company's employee share scheme. The authority shall expire at the conclusion of the next Annual General Meeting of the company or 15 months after the passing of this resolution, whichever is the earlier. As of August 19, 2022, the company had 103,287,994 ordinary issued share capital.