Inchcape plc (INCH.L), an automotive distributor, on Tuesday said it has entered into an agreement with Jefferies International Limited to undertake a share buyback programme to purchase up to 250 million pounds of the company's shares.
The buyback commencing Tuesday was announced earlier in the day and is expected to be completed within the next 12 months.
The share purchases would take place in open market transactions.
The sole purpose of the buyback is to reduce the capital of the company, and the ordinary shares purchased would be cancelled.
Based on the authority granted by shareholders at the company's Annual General Meeting held on May 9, 2024, the maximum number of shares that may be repurchased is up to 22.19 million shares. Further number of shares may be authorised to be purchased pursuant to a renewed authority to be granted by shareholders at its 2025 Annual General Meeting, which is proposed to be held on May 15.
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