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.