GraceKennedy Limited (GK) recently announced the repurchase of 1,146,274 of its shares under the GraceKennedy 2023 Share Repurchase Programme. This strategic move is part of the company’s efforts to enhance shareholder value and optimize its financial position.
Key details of the share repurchase are as follows:
- Date of Purchase:
- 8-Nov-24: 506 shares at JM$74.30
- 8-Nov-24: 54,541 shares at JM$74.30
- 8-Nov-24: 4,953 shares at JM$74.30
- 8-Nov-24: 1,086,274 shares at JM$74.00
- Total: 1,146,274 shares
In addition to the repurchase, GraceKennedy Limited provided further information regarding the buyback program:
- Purpose of the purchase: The primary goal is to increase shareholder value and confidence in the company.
- Maximum intended repurchase: The plan involves acquiring up to 1% of the shares in issue, around 9,950,000 shares. As of November 8, 2024, a total of 6,405,795 shares have been repurchased.
- Effective date of the purchase: The repurchase transactions were executed on November 8, 2024.
- Source of funding: The repurchase is funded through the company’s cash flows, ensuring financial stability and sound investment decisions.
- Method of effecting the purchase: The shares were repurchased on the open market through the company’s appointed brokers, ensuring transparency and compliance with regulatory guidelines.
This strategic share repurchase by GraceKennedy Limited showcases the company’s commitment to creating long-term value for its shareholders and strengthening its financial position in the market. Investors can expect continued growth and stability through these strategic initiatives.
By actively managing its share repurchase program, GraceKennedy Limited demonstrates its dedication to enhancing shareholder value and ensuring sustainable growth for the benefit of all stakeholders.
