Michelmersh Brick Holdings plc (AIM:MBH) commences a share repurchases on July 7, 2023, under the program mandated by the shareholders in the Annual General Meeting held on May 18, 2023. As per the mandate, the company is authorized to repurchase up to 9,568,158 shares, representing 10% of its issued share capital. The minimum price which may be paid for an ordinary share is the nominal value of the share. The maximum price which may be paid for an ordinary share is an amount equal to 5% of the average of the closing middle market prices for the ordinary shares taken from the London Stock Exchange Daily Official List for five business days immediately preceding the date of purchase and an amount equal to the higher of the price of the last independent trade and the highest current independent bid on the trading venues where the purchase is carried out. The repurchased shares will be cancelled or held in treasury for future resale or cancellation. The authority shall expire at the conclusion of the company?s next Annual General Meeting in 2024, or on May 18, 2024, whichever is the earliest.

On June 30, 2023, the company announces a share repurchase program. Under the program, the company has entered into an irrevocable non-discretionary instruction with Canaccord Genuity Limited to repurchase up to £2 million worth of its shares. The purpose of the program is to reduce the share capital of the group in order to return value to shareholders. The repurchased shares will be held in treasury. The program will commence from today and will expire on September 30, 2023.