Morgan Advanced Materials plc (MGAM.L), a manufacturer of advanced carbon and ceramic materials, Friday announced the commencement of the second Tranche of its previously announced share buyback program.
Shares of Morgan are dropping in the open market
The company plans to buy back up to a maximum of GBP 10 million of its ordinary shares of 25 pence each.
Under the second Tranche, the maximum shares can be purchased will be up to 28.54 million shares, minus those shares bought in the first Tranche.
Morgan Advanced Materials in November last year had announced a share buyback programme of up to a maximum of 40 million pounds.
The first tranche of up to a maximum of 10 million pounds was commenced on November 5, 2024.
The second Tranche is to commence upon the completion of the first tranche which is expected to occur no later than March 31.
A further announcement will be released in due course upon completion of the first tranche and the commencement of the second Tranche.
Morgan is currently trading at $214.32, down 16.28% on the London Stock Exchange.
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