Corporate NewsNation Media Share Buyback set for Kes 25 per Share.

Nation Media Group (NMG) Board of Directors has recommended that the firm’s shareholders effect the Share Buyback plan by way of open market purchases through on the Nairobi Securities Exchange (NSE).

The share buy back is subject to shareholder approval at the next Annual General Meeting(AGM), to be held virtually at 3.00 pm on Friday, June 25th 2021.

On February 25th 2021, the nation media group house board of directors first announced the share buyback plan where it proposed buying back up to 10.0% of the issued shares (about 20,739,652 shares) subject to regulatory and shareholder approval.

In the proposed buy back, the Media Group Board recommended a minimum price equivalent to the par value of an ordinary share and a maximum buyback price of Kes 25 per ordinary share.

Any ordinary shares acquired by the Company after the Buyback will be held as Treasury Shares.

Nation Media said a shareholder circular approved by the Capital Markets Authority and the firm’s board, containing full details of the Buyback, will be available on the NMG website from May 31st, 2021.

The buyback is expected to soon open simultaneously with the opening of trade at the NSE on June 28th, 2021. The offer will close once the 10% issued capital has been bought or on September 24th 2021, whichever comes first.

A Share Buyback is defined as a transaction in which a company repurchases its shares.

The repurchased shares are either classified as treasury stock/ treasury shares or are cancelled. These shares no longer get dividends, voting rights and are not included in calculating earnings per share (EPS)

A firm can buy back its shares to support the price – for instance, if it believes it is undervalued.

It can also buy back to distribute cash to shareholders, attain tax efficiency, or absorb increases in shares outstanding from previous employee stock options.

Read also; Nation Media Group Officially Launches it’s Digital Platform, Nation.Africa

 

This is where investors get first hand information, Securities real time feed & updates from Emerging & Frontier Markets worldwide with main focus on the Nairobi Securities Exchange.

Copyright, 2021 © All Rights Reserved

TSLA 
$755.83  $11.34  1.52%  
GME 
$204.52  $5.28  2.65%  
MSFT 
$304.82  $5.03  1.68%  
AAPL 
$149.03  $0.9100  0.61%  
AMC 
$46.84  $0.4600  -0.97%  
GMEQX 
$13.08  $0.0300  -0.23%  
FB 
$373.92  $2.61  -0.69%  
TWTR 
$61.84  $1.65  2.74%  
AIR.BE 
113,26 €  0,7400 €  0.66%  
ABNB 
$166.37  $3.07  1.88%  
GOOGL 
$2,888.59  $37.70  1.32%  
AMZN 
$3,475.79  $25.79  0.75%