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Highlights
Bytes Technology Group repurchased ordinary shares through its ongoing buyback programme
The repurchased shares will be cancelled, reducing the total number of shares in issue
Trading was executed on the London Stock Exchange under ticker LON:BYIT
Bytes Technology Group plc (LON:BYIT), a UK-based company operating in the technology distribution sector, has continued with its share buyback programme. The company, which has both a primary listing on the Main Market of the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange, disclosed details of its most recent repurchase. The activity forms part of a previously announced buyback initiative aimed at managing its capital structure.
Details of the Repurchase
The company reported that it acquired ordinary shares of nominal value one penny each on the London Stock Exchange. The purchases were facilitated by Numis Securities Limited, operating under the name Deutsche Numis, in line with the previously disclosed programme announced earlier in August. A total quantity of shares was repurchased during the trading session, with prices ranging between a lower level just under three hundred and ninety pence and a higher price at three hundred and ninety pence per share. The volume-weighted average price across the trades was marginally below three hundred and ninety pence.
Impact on Share Capital
All shares acquired under this transaction will be cancelled. Following cancellation, the revised total number of ordinary shares in issue will be just under two hundred and forty three million. The company confirmed that it does not hold any treasury shares, meaning the cancellation directly reduces the number of voting rights outstanding. This aligns with the objective of the buyback plan, which is to optimise the company’s issued capital base.
Schedule of Transactions
The announcement also provided a detailed breakdown of the trades executed throughout the session on the London Stock Exchange. The purchases occurred across various times during the trading day, reflecting prices across a narrow band within the three hundred and eighty to three hundred and ninety pence range. Transaction sizes varied from small blocks of under fifty shares to significantly larger trades exceeding several hundred shares, with a single block surpassing fifteen thousand shares. The execution venue for all transactions was identified as XLON, the trading designation for the London Stock Exchange.
Regulatory Context
The buyback transactions were disclosed in line with Article five of Regulation (EU) No five nine six of twenty fourteen, which has been incorporated into UK law by the European Union Withdrawal Act twenty eighteen. The disclosure ensures transparency and compliance with market regulations governing repurchase programmes.
Enquiries and Contact Details
The company’s investor relations function provided contact information for further details. Bytes Technology Group named its investor relations representative and provided both telephone and email contact options. Additionally, external advisory services were listed, including Sodali & Co, with contact numbers and email information for market participants requiring further clarity on the disclosure.
FTSE 350 Today Context
As part of the FTSE 350 today, Bytes Technology Group’s repurchase activity is recorded among corporate actions impacting the UK equity market. The buyback and subsequent cancellation of shares directly adjust the issued capital base of the company within the index framework. The move reflects broader capital management strategies adopted by companies across the FTSE 350.
