LONDON (Alliance News) - Investment manager Argo Group Ltd on Tuesday said it will repurchase almost a fifth of its share capital for GBP2.1 million.
The company received valid tender in respect of 8.1 million shares, equivalent to 17% of its entire capital. The shares will be repurchased at the maximum stated price of 26 pence each, announced by the company at the beginning of March.
Back then, Argo said it would repurchase up to GBP2.5 million in shares at a price between 18p and 26p.
Argo Group shares were trading down 2.6% at 18.50p each on Tuesday afternoon.
The company will cancel the repurchased shares, reducing its issued share capital to 39.0 million shares from 47.0 million.
Argo Group (ARGO)