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This is incredible news just out .- Authority to Purchase Own Shares
The Company announced on 7 March 2024 that it would commence a discretionary programme to purchase and cancel ordinary shares up to a maximum consideration of £25 million as the Board’s view is that the Company’s share price currently materially undervalues the business. We are seeking to increase the general shareholder authority this year for the Company to purchase its own shares from 10% to 15% of the Company’s ordinary shares in issue to facilitate this.
W out an institution selling it's just retail holdings.
Buy and hold
I wonder if they have purchased 280,000 shares today for cancellation ? RNS usually comes out after 5pm each day
Could breakout past £1 on US disposal news which is due soon. Cuts off the loss making division and provides another one off large cash inflow.
50p is nothing...a £1 the immediate target
Well done those that seem to caught the bottom....question is how long before it's over 50p?
Up, up and away here now
So under the Radar at 44p. Current Mkt cap is currently £20m below our cash at bank in hand. Flex going at break neck speed, US Disposal imminent and £25m being deployed in this buyback programme. Authority buy back more will be on agenda at the AGM in a few weeks time. If T.Rowe is now out then its a one way ride.
The start of the journey north, this could easily hit +£1. The buyback commenced and looks like some large stock changed hands. Who can blame them as running as mkt cap running at silly discount to underlying business value
FCH having to work much harder to get their 280k shares today ;)
Feels like a huge Short squeeze -
Like others have noted. If seller is out then really this is only going up.
Nothing on RSP to buy. Up we go
Wooosh time ain’t far off. Over £1 on US disposal news
Another 200,000 buy just appeared
Almost 600,000 shares re purchased and cancelled in last 48 hours. Impressive .
Another 280,000 shares cancelled. That takes the mkt cap down to £153m compared to £164m cash in bank. Flex growing like hell, £25m being deployed buying back stock and US business about to be sold. Am I missing something here at 43p
Yes judging by the large trades over the last few days and significantly higher volume we should forge ahead. Yesterday's buybacks were the highest, so company is cash rich and management are determined to eliminate the disparity between the silly share price and the underlying business value.
Agree SC - Daily Volumes help the % we are able to buy back . Yesterdays buy back was the largest amount since the buyback started. If the seller is now out (T.Rowe) then this could sky rocket. US disposal news is due v soon too.
Very different feel here today, shares rising on every buy... Does very much look like yesterday may have been the end of the seller. Fingers crossed we can now push higher, volume has been excellent.
Woosh time baby
Looks a little better
NT to buy again. On the way up today for sure
Confirmation the seller is out should see this fly
Largest buyback so far. 280,000 shares.