Pollen Street Group Limited commences an Equity Buyback Plan for 6,420,960 shares, representing 10% of its issued share capital, under the authorization approved on June 15, 2023.
April 05, 2024 at 02:00 am EDT
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Pollen Street Group Limited (LSE:POLN) commences share repurchases on April 4, 2024, under the program mandated by the shareholders in the Annual General Meeting held on June 15, 2023. As per the mandate, the company is authorized to repurchase up to 6,420,960 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 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 derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled immediately or held, sold, transferred or otherwise dealt with as treasury shares in accordance with the provisions of the 2006 Act. The authority shall expire at the end of the next annual general meeting of the Company or, if earlier, at the close of business on July 31, 2024. As of May 15, 2023, the company had 64,209,597 ordinary shares in issue (excluding treasury shares) and 4,712,985 ordinary shares in treasury.
On March 21, 2024, the company announced a share repurchase program. Under the program, the company will enter into non-discretionary instructions with Investec Bank plc to repurchase up to £30 million worth of its shares. Shares acquired by Investec under the agreement will be sold to the company. The purpose of the program is to reduce the capital of the company, with repurchased shares to be held in treasury to provide flexibility in the future
On March 21, 2024, , the company announced a share repurchase program. Under the first tranche of the program, the company will repurchase up to £10 million worth of its shares. The first tranche commencing on March 21, 2024 and ending on the date of the 2024 Annual General Meeting (and in any event no later than 31 July 2024).
Pollen Street Group Limited is an alternative asset manager company. The Company is engaged in investing with the financial and business services sectors across both Private Equity and Private Credit strategies. It has a set of asset management activities focused on managing third-party assets under management (AuM) (the Asset Manager) together with on-balance sheet investments (the Investment Company). The Asset Manager raises capital from top tier investors and deploys it into its Private Equity and Private Credit strategies. The Investment Company invests in strategies aligned with core strategies of the Company and the investment portfolio is aligned with the private credit strategy. The portfolio consists of both direct investments and investments in funds managed by Pollen Street Plc.
Pollen Street Group Limited commences an Equity Buyback Plan for 6,420,960 shares, representing 10% of its issued share capital, under the authorization approved on June 15, 2023.