Industrial valve manufacturing company Rotork Plc (ROR.L) on Monday announced the commencement of a share buyback programme to repurchase its ordinary shares of 0.5 pence each. The total amount allocated for the buyback will not exceed 50 million pounds, excluding stamp duty and expenses, the company added.
Rotork said that the buyback is part of its ongoing efforts to return capital to shareholders and optimise its capital structure.
According to the company, the first tranche of the buyback will be done through an irrevocable non-discretionary agreement with JP Morgan Securities Plc or JPM. As per this agreement, JPM will purchase shares as a riskless principal and subsequently sell them to Rotork.
This tranche will begin on April 7 and is expected to conclude by May 30, with a purchase limit of 10 million pounds, excluding costs.
Rotork said that the total number of shares it is authorised to repurchase under the 2024 authority is 73.74 million.
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