Last checked at 1 May 2024 15:36
01 May 2024
Alpha Group International plc
("Alpha", the "Company", or the "Group")
Share Buyback Programme
Alpha, a leading provider of financial solutions to corporates and institutions, announces a new instruction for its £20 million share buyback programme to purchase ordinary shares of 0.2p each ("Ordinary Shares") (the "Buyback Programme"). The Ordinary Shares purchased will continue to be held in treasury.
The Buyback Programme was originally announced on 29 January 2024, and stated that the instruction would expire on the date of the Company's next Annual General Meeting (1 May 2024), or earlier, if the maximum aggregate consideration of £20 million has been reached. To date, £11.76 million has been bought under the Buyback Programme.
Post the approval of buyback authorities at the Company's Annual General Meeting on 1 May 2024, the Company has irrevocably instructed Liberum Capital Limited, the Company's broker, to buy back the remaining £8.24 million of Ordinary Shares (the "Instruction"). The Instruction will expire when the maximum consideration under the Buyback Programme is reached, or if earlier, the Company's next Annual General Meeting. The buyback will be effected within certain pre-set parameters, including that the maximum price paid per Ordinary Share shall be the higher of 105 per cent. of the average trailing 5 day mid-market closing price or an amount equal to the higher of the price of the last independent trade of an Ordinary Share and the highest current independent bid for an Ordinary Share, in accordance with the authority granted at the Company's AGM (the "Authority").
A buy-back of Ordinary Shares on any trading day may represent a significant proportion of the daily trading volume and may exceed 25 per cent. of the average daily trading volume. Accordingly, the Company will not benefit from the exemption contained in Article 5(1) of the UK version of the Market Abuse Regulation (Regulation (EU) No 596/2014) as incorporated into UK domestic law by virtue of the European Union (Withdrawal) Act 2018.
The Company is satisfied that it is not currently in a closed period, nor is it party to any inside information which has not previously been disclosed via Regulatory Information Service.
Enquiries:
Alpha Group International plc Morgan Tillbrook, Founder and CEO Tim Powell, CFO | Via Alma Strategic Communications
|
Peel Hunt (Sponsor and Joint Broker) Neil Patel Paul Gillam Kate Bannatyne |
+44 (0) 20 7418 8900 |
Liberum (Nominated Adviser and Joint Broker) Max Jones Edward Mansfield Anake Singh |
+44 (0) 20 3100 2000
|
Alma Strategic Communications (Financial Public Relations) Josh Royston Andy Bryant Kieran Breheny |
+44 (0) 20 3405 0205 |
Notes to editors
Alpha is a high-tech, high-touch provider of enhanced financial solutions dedicated to corporates and institutions operating internationally. Working with clients across 50+ countries, we blend intelligent human capabilities with new technologies to provide an enhanced alternative to traditional banking services, with solutions covering: FX risk management, global accounts, mass payments, fund finance, and cash management.
Key to our success is our team - over 450 people based across ten global offices, brought together by a high-performance culture and a partnership structure that empowers them to act as owners of our business.
Whilst we are an established business listed on the London Stock Exchange, we remain relentlessly focused on maintaining the same level of operational agility and client focus we had when we first started in 2009. This dynamic, combined with the passion of our people, has enabled us to make a substantial and enduring difference to our clients, and deliver a growth story to match.