Shoe Zone plc commences an Equity Buyback Plan for 5,000,000 shares, under the authorization approved on March 8, 2022.
August 02, 2022 at 02:00 am EDT
Share
Shoe Zone Plc (AIM:SHOE) commences share repurchases on August 1, 2022, under the program mandated by the shareholders in the Annual General Meeting held on March 8, 2022. As per the mandate, the company is authorized to repurchase up to 5,000,000 ordinary shares. The shares will be repurchased at a price of not less than £0.01 and not more than an amount equal to 105% of the average trading price of the ordinary Shares as derived from the middle market quotations on the London Stock Exchange Daily Official List for the five trading days immediately preceding the date on which a share is contracted to be purchased, and higher of the price of the last independent trade and the highest current independent bid on the trading venue where the purchase is carried out. The authority shall expire at the conclusion of the next Annual General Meeting to be held in 2023, unless varied or revoked in a General Meeting or March 8, 2023, whichever is earlier.
On July 29, 2022, the company entered into an irrevocable and non-discretionary agreement with Zeus Capital Limited. Under the program, the company will repurchase up to £1 million worth of its shares. The repurchased shares will be held as treasury shares and then cancelled periodically. The program will be valid up to August 31, 2022.
Shoe Zone plc is a United Kingdom-based footwear retailer. The Company sells a range of footwear for the whole family from over 380 stores nationwide and its Website, shoezone.com, which offers free delivery and free returns to stores. Its new format stores stock approximately 600 styles per season. Its Digital shoehub platform offers the full store range plus approximately 1,500 online exclusive styles per season. It has approximately 323 stores, including 42 Big Box, 93 Hybrid and 188 Original. The Company sells a range of brands, including Skechers, Rieker, Kickers, Lilley & Skinner, Lotus, Wrangler and Heavenly Feet. The Company's distribution center is located in Leicester, England. Its distribution center handles approximately 800,000 pairs of shoes per week. Its United Kingdom distribution network is managed in-house with stock being distributed to stores. Its subsidiaries include Castle Acres Development Limited, Shoe Zone Retail Limited, Zone Property Limited and others.