Cooks Coffee has announced its proposal to offer a buyback and cancellation of shareholdings that are less than 1,125 shares, which is considered a "Minimum Holding" under the NZX Listing Rules.
The buyback is set to take place on and from 20 December 2023.
The company had previously given formal notice to holders of less than 1,125 shares on 18 October 2022, instructing them to increase their holdings to meet the minimum requirement.
Under the terms of the buyback, the price per share acquired will be based on the average market price at the time of acquisition and cancellation.
The company will also deduct its reasonable expenses from the proceeds of the sale, with the net proceeds being paid to the shareholders whose shares are acquired, as long as the total amount exceeds $1.
It is expected that a total of 303 shareholdings, amounting to 41,326 shares, will be acquired through this buyback.
These shareholdings represent around 50% of the number of shareholders and 0.07% of the total shares on issue.
Cooks Coffee will release a capital change notice after the completion of the share acquisition and cancellation.
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