(Alliance News) - Darktrace PLC on Monday announced plans to begin a share buyback programme as the cybersecurity firm allocates up to GBP30 million to the scheme.
The Cambridge-based FTSE 100 constituent will imminently commence the buyback programme of up to 4 million shares to be completed by December 31, 2022.
Darktrace said the reason behind the decision was to satisfy "pre-existing obligations arising from its share incentive programmes". The programme will be conducted by Jefferies.
The announcement follows last Wednesday's news in FTSE Russell's quarterly index review that Darktrace would be ousted from the FTSE 100 index. The changes will be effective from Monday, December 20.
Darktrace shares were trading 0.5% higher in London early on Monday morning at 429.00 pence each.
By Will Paige; willpaige@alliancenews.com
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Darktrace (DARK)