Castings P.L.C. commences an Equity Buyback Plan for 4,358,844 shares, representing 9.99% of its issued share capital, under the authorization approved on August 19, 2021.
March 17, 2022 at 05:24 pm
Share
Castings P.L.C. (LSE:CGS) commences share repurchases on March 17, 2022, under the program mandated by the shareholders in the Annual General Meeting held on August 19, 2021. As per the mandate, the company is authorized to repurchase up to 4,358,844 shares, representing 9.99% of its issued share capital. The minimum price which may be paid for each ordinary share is £0.01 pence and the maximum price which may be paid for each ordinary share is the higher of an amount equal to 105% of the average of the middle market quotations for an ordinary share, as derived from the London Stock Exchange Daily Official List, for the five business days immediately preceding the day on which the ordinary share is purchased and an amount equal to the higher of the price of the last independent trade of an ordinary share and the current highest independent bid for an ordinary share as derived from the London Stock Exchange Trading System. Any shares purchased under this authority will be cancelled. The authority shall expire at the earliest of the conclusion of the next Annual General Meeting, unless such authority is renewed on or prior to such date. As of March 31, 2021, the company had 43,632,068 ordinary shares in issue and no shares in treasury.
On March 15, 2022, the company announced a share repurchase program. Under the program, the company will repurchase up to 100,000 shares. The company intends to hold all ordinary shares so purchased in treasury for the purpose of satisfying future obligations in relation to the company's long term incentive plan. The program will expire on May 13, 2022.
Castings P.L.C. is a United Kingdom-based company, which is engaged in manufacturing iron castings and machining operations. Its segments include Foundry operations and Machining. It operates two iron foundries, such as Castings P.L.C. (Brownhills, West Midlands) and William Lee Limited (Dronfield, Derbyshire) together with the CNC Speedwell Limited machining operation, which is also based in Brownhills. It produces Ductile iron, SG iron, Austempered ductile iron (ADI), SiMo, and Ni-resist castings up to 45 kilograms in weight. Its four Disamatic molding machines and three horizontal green sand molding machines provide a foundry capacity of approximately 70,000 tons per annum. Its machining operation supports the capacity requirements of the foundry customer base and also to expands general machining in alternative materials. Its customer sector profile includes commercial vehicles, automotive, and others. It operates in the United Kingdom, Europe, and North and South America, others.
Castings P.L.C. commences an Equity Buyback Plan for 4,358,844 shares, representing 9.99% of its issued share capital, under the authorization approved on August 19, 2021.
CASTINGS P.L.C. 
