LONDON – Geiger Counter Limited, an investment company, repurchased 175,000 of its ordinary shares on Wednesday, the company announced in a statement. The shares were bought back at an average price of 52.15 pence per share and will be held in cash.
This latest transaction is part of an ongoing share repurchase program that the company has been executing since the annual general meeting on March 9, 2023. To date, Geiger Counter Limited has acquired a total of 15,070,948 ordinary shares in the framework of this initiative.
Following the recent buyout, Geiger Counter Limited now has 137,598,399 voting ordinary shares outstanding, in addition to 15,075,850 treasury shares. The company’s stock repurchase program is a commonly used strategy by publicly traded companies to reduce the number of shares on the market, which can potentially increase the value of the remaining shares and provide returns to investors.
The repurchased shares represent part of the company’s capital and can be used for various social purposes, particularly in terms of future employee remuneration, or be reissued at a later date.
This buyout reflects a change in the company’s capital structure and is of interest to investors who follow the company’s financial strategies and market activities. The company did not disclose any specific reason for the repurchase or its long-term strategy regarding the repurchased shares.
Information regarding the share buyback was provided by RNS, the information service of the London Stock Exchange (LON:), and is based on a press release from Geiger Counter Limited.
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