Likewise Group plc, a rapidly expanding UK floor coverings distributor, has unveiled plans to initiate a share buyback programme. The company intends to repurchase its ordinary shares, valued at £0.01 each, with a maximum total consideration of £250,000. The buyback will utilise the company’s existing cash resources and is deemed beneficial for all shareholders.
An agreement has been made with Zeus Capital Limited to manage the share purchases on behalf of Likewise Group. Zeus Capital will seek to buy back shares up to the specified maximum amount whenever requested by the company.
This buyback programme aligns with the authority granted by shareholders on 20 June 2024, permitting the company to make market purchases of its own shares. The maximum price per share will not exceed the higher of 105% of the average trading price from the past five days or the highest independent bid and last trade price on the relevant trading venue.
The share repurchases can be carried out until the total amount is repurchased or until 30 August 2024, whichever comes first. Shares acquired will initially be held in treasury and may be periodically cancelled. Importantly, no board members will sell shares as part of this programme.
The buyback will be conducted in compliance with the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU, as incorporated into UK law. Likewise Group will announce any share purchases made under this programme in due course and confirms that it currently holds no unpublished price-sensitive information.
