Supreme Plc commences an Equity Buyback Plan for 11,732,113 shares, representing 10% of its issued share capital, under the authorization approved on September 26, 2023.
February 12, 2024 at 02:00 am
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Supreme Plc (AIM:SUP) commences share repurchases on February 9, 2024, under the program mandated by the shareholders in the Annual General Meeting held on September 26, 2023. As per the mandate, the company is authorized to repurchase up to 11,732,113 shares, representing 10% of its issued share capital. The minimum price (exclusive of expenses) which may be paid for each ordinary share is £0.01 and the maximum price which may be paid for each ordinary share is the higher an amount equal to 105% of the average of the middle market quotations for an ordinary share as derived from the London Stock Exchange Daily Official List of the UK Listing Authority for the five business days immediately preceding the day on which the ordinary share is contracted to be purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. The shares purchased may either be cancelled or held as treasury shares, which may then be cancelled, sold for cash, or used to meet the company?s obligations under its employee share schemes. The authority shall expire at the conclusion of the next Annual General Meeting of the company or 15 months whichever is earlier. As of August 22, 2023, the company had 117,321,126 ordinary shares in issue and no ordinary shares in treasury.
On January 29, 2024, the company announces a share repurchase program. Under the program, the company will repurchase up to £1 million worth of its shares. The purpose of the program is enhancing shareholder returns. The program will commence from February 6, 2024 and be valid for 3 months till April 30, 2024.
On February 6, 2024, the company entered into an agreement with its broker, Shore Capital to execute repurchases under the program.
Supreme plc is a manufacturer, distributor and brand owner of fast-moving consumer products. It supplies products across five categories: batteries, lighting, vaping, sports nutrition and wellness, and branded distribution. It is engaged in supplying a variety of wholesale and domestic batteries including dry cell, specialist and rechargeable batteries. It also offers point of sale (PoS) displays for all of its battery brands. Its household battery brands include Energizer, Duracell, JCB, Panasonic, and others. It supplies a range of formats across its vaping brands, including 88Vape, Liberty Flights, KiK and T-Juice. Its lighting category distributes a range of products to the retail and trade markets, including light-emitting diode (LED) lightbulbs, internal and external light fittings and smart lighting. Its sports nutrition and wellness category offer a range of protein powders, snacks and drinks under its Clearly Drinks, Sci-Mx, Battle Bites, Sealions and Protein Dynamix brands.
Supreme Plc commences an Equity Buyback Plan for 11,732,113 shares, representing 10% of its issued share capital, under the authorization approved on September 26, 2023.