Radius Residential Care has announced its intention to commence an on-market share buyback programme, with the goal of purchasing up to 0.7% of its ordinary shares.
The company said the move reflects the board's confidence in its strategy and growth opportunities, as well as its belief that the shares are undervalued.
The buyback programme is expected to begin on December 23, 2024, and will last up to 12 months.
The total number of shares that may be bought back will not exceed 2 million.
Shares acquired through the programme will be cancelled, resulting in a reduction in the number of shares on issue.
The company said the buyback will be conducted in reliance on the Takeovers Code (Class Exemptions) Notice (No 2) 2001 for shareholders owning more than 20%.
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