Marlowe plc commences an Equity Buyback Plan for 9,588,206 shares, representing 10% of its issued share capital, under the authorization approved on September 13, 2023.
July 05, 2024 at 10:16 pm IST
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Marlowe plc (AIM:MRL) commences share repurchases on July 5, 2024, under the program mandated by the shareholders in the Annual General Meeting held on September 13, 2023. As per the mandate, the company will repurchase up to 9,588,206 shares, representing 10% of its issued share capital. The minimum price which may be paid for each ordinary share is 50 pence and the maximum price which may be paid for each Ordinary Share (exclusive of expenses payable by the Company) cannot be more than 105 per cent. of the average market value of an Ordinary Share for the five business days prior to the day on which the Ordinary Share is contracted to be purchased. The repurchased shares may be held in treasury as an alternative to cancel them. The authority conferred by this resolution shall expire at the conclusion of the company's next annual general meeting or 15 months, if earlier. As of July 13, 2023, the company had 95,882,065 issued shares.
On May 22, 2024, the company announced a share repurchase program. Under the program, the company will repurchase up to
£75 million worth of its shares. The program will be funded from the Company's existing cash resources and is intended to reduce the share capital of the Company. The program will commence upon payment of the special dividend and will, unless terminated at an earlier date, expire on the earlier of the completion of the program or at the conclusion of the 2024 AGM.
Marlowe plc is engaged in business-critical services and software, which assure regulatory compliance. The Company operates through two segments: Governance, Risk & Compliance (GRC) and Testing, Inspection & Certification (TIC). GRC encompasses its consulting and software solutions across health & safety, employment law and human resource, occupational health, enterprise risk management and eLearning. Its service in TIC revolves around its clientsâ business premises compliant. Its services address compliance requirements across fire safety & security and water & air hygiene. The Companyâs fire safety and security services provide comprehensive range of services to ensure fire safety, security, and compliance with associated safety regulations. Its compliance software platforms are used by clients to implement governance frameworks and to manage, monitor, audit and control risk, compliance, and performance throughout their organizations.
Marlowe plc commences an Equity Buyback Plan for 9,588,206 shares, representing 10% of its issued share capital, under the authorization approved on September 13, 2023.
MARLOWE PLC 
