Rotork plc commences an Equity Buyback Plan for 87,413,485 shares, under the authorization approved on April 30, 2021.
August 19, 2021 at 01:25 pm EDT
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Rotork plc (LSE:ROR) commences share repurchases on August 19, 2021, under the program mandated by the shareholders in the Annual General Meeting held on April 30, 2021. As per the mandate, the company is authorized to repurchase up to 87,413,485 shares. The minimum price which may be paid for ordinary shares is nominal value of shares. The maximum price which may be paid for any ordinary shares is 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 for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased. The authority will expire at conclusion of next annual general meeting or July 29, 2022.
On August 18, 2021, the company announced program to purchase £50 million worth of its shares. The shares will be purchased in different tranches. In first tranche company will purchase 8,000,000 shares, for £20 million worth of its shares. The repurchases will commence on August 19, 2021. The tranche will be run till September 30, 2021.
Rotork plc is a United Kingdom-based global provider of flow control and instrumentation solutions for the industrial actuation and flow control markets. These include oil and gas, water and wastewater, power, chemical process, and industrial applications. Its segments include Oil & Gas, Chemical, Process & Industrial and Water & Power. The Oil & Gas segment is a supplier of electric critical duty actuators and related services to the global oil and gas sector. The Chemical, Process & Industrial segment is a supplier of specialist actuators and instruments for niche applications in the broad chemical, process industry, and industrial sectors. Water & Power segment supplier of premium actuators, predominantly electric, and gearboxes for applications in the water and power generation sectors. Its products include electric actuators, fluid power actuators, process control actuators, gearboxes and valve accessories, instrumentation and control, pneumatic valves and manifolds, and others.