Science Group plc commences an Equity Buyback Plan for 4,123,839 shares, representing 9.8% of its issued share capital, under the authorization approved on May 19, 2021.
December 20, 2021 at 02:00 am EST
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Science Group plc (AIM:SAG) commences share repurchases on December 17, 2021, under the program mandated by the shareholders in the Annual General Meeting held on May 19, 2021. As per the mandate, the company is authorized to repurchase up to 4,123,839 shares, representing 9.8% 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 AIM Appendix of the Daily Official List of London Stock Exchange 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 or held as treasury shares, which may then be cancelled, sold for cash or used to meet the companys obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or, if earlier, on June 30, 2022. As of April 7, 2021, the company had 42,062,035 ordinary shares in issue of which 823,643 ordinary shares are held in treasury.
Science Group PLC is engaged in international science, engineering, and technology businesses, providing a range of services to the medical, defense, industrial, food and beverage, and consumer sectors. Its segments include Consultancy Services, Products, Systems and Freehold Properties. The Consultancy Services segment consists of three Divisions: Research & Development (R&D), Regulatory & Compliance, and Defence & Aerospace. The R&D division combines science and engineering capabilities to provide product development and advisory services to key vertical sectors. Its Systems segment includes the development, manufacture and support of specialist systems for atmosphere management, used in the United Kingdom and International naval defense markets. The Product segment includes sales of chips and modules that are incorporated into digital radios. The Freehold Properties segment owns two freehold properties, Harston Mill near Cambridge, and Great Burgh in Epsom.
Science Group plc commences an Equity Buyback Plan for 4,123,839 shares, representing 9.8% of its issued share capital, under the authorization approved on May 19, 2021.