London-headquartered Auction Technology Group plc (ATG), an operator of curated online auctions on Tuesday announced the commencement of a share repurchase programme of its ordinary shares of 0.01 pence each, up to a maximum aggregate consideration of $40 million.
The purpose of the repurchase program, to be executed in two tranches, is to return excess capital to shareholders.
In respect of the first tranche, ATG has entered into a discretionary agreement with Numis Securities Limited to purchase ordinary shares for up to $20 million. The same would extend until the date of the company's next Annual General Meeting, scheduled in January 2026.
The maximum price paid per Ordinary Share (exclusive of expenses) would be no more than the higher of: (i) 105 per cent of the average middle market quotations taken from the London Stock Exchange Daily Official List for the five business days preceding any Ordinary Shares being purchased; and (ii) the higher of the price of the last independent trade and the highest independent bid for Ordinary Shares as derived from the London Stock Exchange Trading System.
The minimum price (exclusive of expenses) shall be no less than 0.01 pence per Ordinary Share, being the nominal value of an Ordinary Share.
Ordinary Shares purchased under the Repurchase Programme will be held in treasury.
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