Molten Ventures Plc (GROW.L), a London-based venture capital firm on Thursday announced the commencement of the additional share repurchase programme of up to 15 million pounds announced on February 12.
The programme goes significantly beyond the 10 percent of realisation proceeds previously outlined in the Capital Allocation Policy, doubling the 15 million pounds already completed.
The company intends to narrow the current share price discount to asset value. The Board would continue to monitor the share price discount to net asset value, and should that discount persist, it would consider committing further capital to the investment opportunity that buying back shares at such wide discounts represents.
The programme would be financed through existing cash resources and would continue until the earlier of either the expiration of the general authority received at the company's 2024 AGM or upon reaching the maximum purchase amount intended under the programme.
The purchased ordinary shares of 1 pence each in the capital of the company would be held in treasury.
The company has entered into agreements with Numis Securities Limited for the repurchase programme.
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