Driver Group plc, a global specialist dispute avoidance and dispute resolution consultancy, has announced its intention to conduct a share buyback program. The company plans to repurchase £0.25 million of its ordinary shares of 0.4 pence each, using existing surplus cash resources. The purpose of the buyback is to return cash to shareholders and reduce the share capital of the company. The buyback will be operated from the date of the announcement until the earlier of the 2025 Annual General Meeting or 15 months from the 2024 Annual General Meeting.
Singer Capital Markets Securities Limited has been appointed to execute and manage the buyback independently. The maximum price per ordinary share that the company may pay is determined by specific criteria, and the company has decided not to rely on the safe harbor conditions for trading set out in the EU Market Abuse Regulation due to limited liquidity in the ordinary shares.
As of the announcement, the company's total issued share capital consists of 53,962,868, with 904,046 shares held in treasury. The total number of ordinary shares carrying voting rights is 53,058,822. The company has stated that there is no guarantee that the buyback program will be implemented in full or that any purchases will be made.
Shareholders can use the figure of 53,058,822 as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the company under the FCA's Disclosure Guidance and Transparency Rules. For further information, the company has provided contact details for enquiries.
This announcement provides insight into Driver Group plc's strategic decision to conduct a share buyback program, outlining the intended purpose, funding, and operational details.