Georgia Capital PLC (the Group or Georgia Capital) today announces that its board of directors (the “Board”) have approved the commencement of a share buyback programme of up to US$45 million (the “Programme”).
Georgia Capital management and the Board believe the current share price significantly undervalues the Group’s investment and growth opportunities. Buying assets cheaply is the first and most important element of Georgia Capital’s investment strategy. The Group's robust balance sheet now provides the opportunity to take advantage of prevailing market conditions to repurchase shares, thereby creating substantial economic value. Management sees headroom for buybacks to remain attractive at levels well in excess of the current share price.
The Company has entered into an agreement with its brokers Numis Securities Limited (“Numis”) and Investec Bank PLC (“Investec”) to enable Numis and Investec to use the maximum consideration of US$45 million to purchase the Group’s shares (“Shares”) in accordance with the terms of the general authority to make market purchases of up to 3,938,471 of its Shares. All repurchased shares will be held in the Group’s treasury.
Any purchase of Shares pursuant to the agreement with Numis and Investec will be carried out on the London Stock Exchange and executed in accordance with Chapter 12 of the Financial Conduct Authority's Listing Rules and the rules of the London Stock Exchange.
The Company will make further announcements in due course following the completion of any Share Repurchases.
