Rotork Plc (ROR.L) said on Wednesday that it will begin the fourth tranche of its 50 million pounds share buyback programme on August 6 and it will continue till September 12. The fourth tranche follows the successful completion of the first, second, and third tranches of on May 30 and July 31 respectively.
The company, which manufactures industrial flow control equipment, said that the tranche is being carried out under an irrevocable non-discretionary agreement with JP Morgan Securities Plc. Under the agreement, JPM will purchase Rotork ordinary shares as a riskless principal.
According to Rotork Plc, the total amount spent on buying shares in this tranche will not exceed 10 million pounds, excluding stamp duty and other expenses and all ordinary shares bought by the company under this tranche will be cancelled.
The company said that these purchases will be carried out under the authority granted at the Annual General Meeting held on May 2 and as per this authority, Rotork can still buy up to 76.75 million ordinary shares.
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