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(Alliance News) - San Leon Energy PLC on Friday said it plans return up to USD2 million to shareholders via a share buyback.
The stock was trading 2.0% higher in London on Friday at 26.00 pence a share.
The oil & gas exploration company said the maximum price for the share repurchases will be the greater of either double the average market price of San Leon shares for the previous five days or the higher of the price quoted for the last trade of San Leon shares.
The buyback programme will be independently managed by Cantor Fitzgerald Europe, the AIM-listed company's nominated adviser and joint broker.
Shares acquired as part of the buyback programme will be cancelled, San Leon said. The buyback programme will be funded from the company's current cash balances.
Currently, San Leon said it has 455.6 million shares overall.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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