28 June 2024
Alpha
Group International plc
("Alpha"
or the "Group")
Share Buyback
Programme
Alpha Group International plc, a
leading provider of financial solutions to corporates and
institutions, announces that it intends to commence a new share
buyback programme to purchase ordinary shares of 0.2p each
("Ordinary Shares") and has allocated a further £20 million from
its cash reserves to the new buyback programme (the "Buyback
Programme"). The Ordinary Shares purchased will be held in
treasury.
Following the conclusion of the £20
million buyback programme on 27 June 2024, the Board has reviewed
its cash position. Given the current cash balances and the
likelihood of further cash generation this year and beyond, the
Board has agreed to implement a further Buyback programme of £20
million.
The Company has irrevocably
instructed Liberum Capital Limited, the Company's broker, to
conduct the Buyback Programme on its behalf (the "Instruction").
The Buyback Programme 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").
The Instruction will be effective
immediately from the date of this announcement and will expire
on the date of the Company's next Annual General
Meeting, or earlier, if the maximum aggregate consideration
of £20 million has been reached.
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
|
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 400 people based across nine global offices, brought together
by a high-performance culture and a partnership structure that
empowers them to act as owners of our business.
Despite being 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.