they want to buy back shares?10 Jun 2011 19:26
In this part of their report, seems like they want to buy some shares back.
Share capital
......... At the Annual General Meeting, shareholders will be asked to renew the Company's authority to purchase its own issued ordinary shares of 10p each at a price of not less than 10p per share and not more than 5% above the average of the middle-market quotations of the London Stock Exchange for the five days before the purchase. The authority is for the purchase of a maximum of 4,416,848 shares, being approximately 15% of
the issued share capital, and will expire at the earlier of the conclusion of the next Annual General Meeting or 18 months from the date of the Resolution.
In addition, the shareholders will be asked to approve the purchase of shares which will be issued to M A Chadwick and A E Coyne, who are each directors of the Company, in the event that they exercise their options over up to 1,172,415 ordinary shares. The purchase price payable by the Company would be calculated
as the average middle-market price for the three days prior to the purchase, subject to a maximum purchase price of 25 pence per share. The total value of the purchase by the Company would be limited to a maximum of £152,414, ........... Taken together, the exercise of options and purchase of shares would be cash-neutral to the Company and the shares would be purchased from a market maker.