Volex confirms move to Main Market and launches GBP40 million buyback

(Alliance News) - Volex PLC on Tuesday launched a GBP40 million share buyback programme and confirmed it plans to move to the London Main Market from AIM.

The Hampshire, England-based maker of power and data transmission products said it intends to apply for the move, after it said it was considering it last month.

It is targeting admission before August 4, meaning it would meet the 20-day minimum trading requirement to be eligible for inclusion in the following FTSE Russell index review.

With a market capitalisation of GBP899.0 million, it would be a contender for FTSE 250 entry.

The GBP40 million buyback is to "reduce the company's share capital and return surplus capital to the company's shareholders," Volex said.

It added: "The board regularly reviews the group's cash performance, ongoing capital requirements and approach to capital allocation, and considers the share buyback programme to be in the best interests of the company and its shareholders, providing a further means of returning surplus capital, whilst maintaining the financial flexibility to continue to invest in the group's strategy."

Volex said Peel Hunt LLP will conduct the programme on its behalf. The buyback will conclude by the end of March 2027.

Shares in Volex were up 0.2% at 480.00 pence on Tuesday morning in London. The stock has more than doubled from 223.50p over the last 12 months.

By Michael Hennessey, Alliance News reporter

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