INVL Technology will buy-back its own shares
May 20 2024 - 9:52AM
UK Regulatory
INVL Technology will buy-back its own shares
INVL Technology (hereinafter – “the
Company”) finished the share buy-back. The Company will
purchase 86,370 shares for the total amount of EUR 215,925.00
(without brokerage fees).
The Company could purchase up to 200,000 shares.
During the share buy-back 86,370 units of shares were tendered.
Share purchase price: EUR 2.50 per share.
Share purchase procedure started from 6 May 2024
and was implemented through the market of official tender offers of
NASDAQ Vilnius stock exchange until 20 May 2024.
The acquired shares will be settled on 22 May
2024.
More information about the share buy-back process
is provided here:
https://view.news.eu.nasdaq.com/view?id=b9b568dee35b47c57d9cb2e4f5db9a606&lang=en
Additional information:
INVL Technology, a company that invests in IT
businesses, in the first use of Dutch auction rules on the
Lithuanian capital market, bought back 86 370 its shares via the
stock exchange at the maximum price of EUR 2.50 per
share.
“Likely the company’s shareholders put a higher
value on their shares, thus we ended up buying back fewer of our
shares than we had planned,” says Kazimieras Tonkūnas, the Managing
Partner of INVL Technology.
The share buyback took place from May 6 to May
20. An allocation of EUR 500,000 was envisaged for repurchasing
shares, using part of a EUR 9.8 million reserve formed in 2015 for
that purpose.
The company had authorisation to acquire a
maximum of 200,000 of its own shares. The maximum purchase price
was EUR 2.50 per share. Before the announcement of the buyback, the
price of INVL Technology’s shares on the stock exchange was EUR
2.28.
The purpose of the share repurchase is to meet
obligations related to stock option programmes and other share
allocations to employees of subsidiaries, and/or to reduce the
company’s authorized capital by annulling acquired own shares. For
the first time on the Lithuanian capital market, the share buyback
price was set on a Dutch auction basis, i.e., all shares were
purchased at the lowest price established by the exchange’s
algorithm. Previously companies in Lithuania usually bought back
shares at a fixed price.
Procedures for the acquisition of own shares
were approved at a general meeting of the company’s shareholders
held on 30 April. The company was given the right to acquire own
shares for up to 10% of its authorized capital, with a time limit
for such acquisitions of 18 months from the date of the decision of
the shareholders’ meeting. The maximum purchase price per share is
INVL Technology’s last published net asset value; the minimum is
EUR 0.29. Since the acquired shares will not be sold, no minimum
selling price or sale procedure was stipulated.
INVL Technology owns the cybersecurity company
NRD Cyber Security, the GovTech and FinTech company NRD Companies,
and the Baltic IT company Novian.
In mid-March this year, the company announced
that it had signed an agreement with the Zurich branch of M&A
intermediation service provider Corum Group’s Luxembourg-based unit
Corum Group International, to advise and serve as M&A
intermediary on the sale of the company’s portfolio of
businesses.
INVL Technology, which is managed by INVL Asset
Management, the leading alternative asset manager in the Baltics,
is a closed-end investment company which must exit its investments
no later than mid-July 2026 and distribute the money to
shareholders.
The person authorized to provide additional information:
Kazimieras Tonkūnas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt
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