Develop North PLC commences an Equity Buyback Plan for 4,035,917 shares, representing 14.99% of its issued share capital, under the authorization approved on April 27, 2023.
November 22, 2023 at 12:03 pm EST
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Develop North PLC (LSE:DVNO) commences share repurchases on November 22, 2023, under the program mandated by the shareholders in the Annual General Meeting held on April 27, 2023. As per the mandate, the company is authorized to repurchase up to 4,035,917 shares, representing 14.99% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of 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, for the five business days immediately preceding the day on which the ordinary share is 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. Any shares purchased under this authority may either be cancelled or held as treasury shares. The authority shall expire on the earlier of the conclusion of the next Annual General Meeting of the Company and 15 months from the passing of this resolution unless it is previously renewed, varied or revoked. As of November 30, 2022, the company had 26,924,063 ordinary shares in issue and no shares in treasury.
On November 20, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to £0.5 million worth of its shares. The repurchased shares will be held in treasury. The program will commence today and will end no later than December 31, 2023.
On December 7, 2023, the company announced an increase in its equity buyback plan. The company increased its authorization by an additional amount of £0.5 million, thereby increasing the total value of plan to £1 million.
Develop North PLC is a United Kingdom-based investment company. The Companyâs principal activity is to provide debt finance to the property sector. The Company offers flexible, tailored and dependable finance solutions to a range of schemes, spanning all forms of residential and commercial development. The Companyâs investment objective is to provide shareholders with a consistent and stable income and the potential for an attractive total return over the medium to long term. The Company seeks to achieve its investment objective through a diversified portfolio of fixed rate loans predominantly secured over land and/or property in the United Kingdom. It makes investments primarily through senior secured loans although other loans such as bridging loans, subordinated loans, selected loan financings and other debt instruments. Its portfolio includes Kenley Homes, Calmont Homes, Horizon Cremation and Bede Homes. Its investment adviser is Tier One Capital Ltd.
Develop North PLC commences an Equity Buyback Plan for 4,035,917 shares, representing 14.99% of its issued share capital, under the authorization approved on April 27, 2023.