LONDON - Geiger Counter Limited, the investment company, disclosed Wednesday that it has repurchased 50,000 of its ordinary shares at an average price of 51.48 pence per share. This transaction is part of the company's ongoing share buyback program.
The shares acquired on Wednesday will be held in Treasury. Since the Annual General Meeting on March 9, 2023, Geiger Counter has bought back a total of 11,519,543 ordinary shares. Following this latest purchase, the company has 141,149,804 ordinary shares with voting rights in issue, in addition to the 11,524,445 ordinary shares now held in Treasury.
Share buybacks are a common strategy used by companies to return value to shareholders, often perceived as a signal that the company believes its shares are undervalued. The repurchased shares are typically held in Treasury and can be reissued in the future or used to meet obligations from convertible securities or employee share schemes.
The company has not disclosed specific reasons for the buyback nor provided details on the impact this will have on its financial position.
Investors and stakeholders can access more information about Geiger Counter Limited on its website. The details of the share repurchase were provided by RNS, the news service of the London Stock Exchange (LON:LSEG), and are based on a press release statement from the company.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.