Third Age Health has announced its intention to commence an on-market share buyback programme, allowing the company to repurchase up to 5% of its ordinary shares.
The healthcare services provider believes that its shares are undervalued, and the programme reflects the board's confidence in the business.
The buyback may begin on Aug 23 2024 and will have a duration of up to 12 months.
However, the total number of shares to be bought back will not exceed 500,207.
Third Age Health also stated that the buyback will rely on a class exemption notice for shareholders owning more than 20%.
The company's shares will be cancelled upon acquisition, reducing the number of shares on issue.
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