share buyback still active..6 Feb 2019 09:01
The board and a number of significant shareholders have for some time been concerned that the value of CNE is not reflected by the current share price. As included in our half-yearly report announced on 19 September 2017, as CNE has returned to profitability, and the board expects that it will be maintained for the foreseeable future, the Board is reviewing a number of options for the Company to enhance its value. These options include, but are not limited to, declaring dividend payments, making strategic acquisitions or investments and a share repurchase programme.
Having considered the available options, the Board believes that supporting the share price should be its immediate focus as it will underpin the implementation of our growth plans whether it be organic or through acquisition. The Board believes that a share repurchase programme, as part of wider programme of corporate development initiatives, will demonstrate confidence in the company and is most likely to contribute to increasing the share price.
The Board is therefore requesting the authority from shareholders to purchase up to 20 per cent. of the current issued share capital up to a price of 2.0p for the period ending 31 December 2019. The Board is additionally requesting the option of holding the shares in treasury, which may subsequently be cancelled