Stellar Capital Partners Limited commences an Equity Buyback Plan, representing 20% of its issued share capital under the authorization approved on November 26, 2019.
November 26, 2019 at 09:00 am EST
Stellar Capital Partners Limited (JSE:SCP) commences share repurchases on November 26, 2019, under the program mandated by the shareholders in the Annual General Meeting, held on November 26, 2019. As per the mandate, the company will repurchase its own shares, representing 20% of its issued share capital. The shares will not be repurchased at a price greater than 10% above the weighted average price of the market value of the shares as determined over the five business days immediately preceding the date on which the repurchase is made. The authority shall expire at the earliest of the next Annual General Meeting or 15 months unless varied or revoked in a General Meeting. As of November 26, 2019, the company had 1,075,031,756 shares in issue.