IN BRIEF: Craneware kicks off USD25 million buyback programme

Craneware PLC - Edinburgh-based software solutions provider - Commences the up to USD25 million buyback programme announced alongside its interim results earlier this month. Says it intends to hold any repurchased shares in treasury, "to cover existing share options and long-term incentive plan awards" for employees. Has engaged Peel Hunt LLP, Investec and Berenberg to conduct buybacks on its behalf. Adds that the programme will expire on the earlier of December 31, the conclusion of its next annual general meeting, or once the USD25 million total consideration limit has been reached.

"The board believes that the current market price does not reflect the large addressable market opportunity of the group or the strategic position the group has within US healthcare," Craneware says. "As a result, the board considers the share buyback programme, as part of its capital allocation strategy, to be an important component of shareholder returns, enhancing return on equity, increasing earnings per share and offsetting future dilution from existing employee share incentive schemes."

Current stock price: 1,435.00 pence, up 4.0% on Monday in London

12-month change: down 25%

By Emma Curzon, Alliance News reporter

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