U.S. Georgia Capital gets approval for $45 mln share buyback programme

U.S. financial service company Georgia Capital has announced that its board of directors have approved the commencement of a share buyback programme of up to $45 million.

The group's robust balance sheet now provides the opportunity to take advantage of prevailing market conditions to repurchase shares, thereby creating substantial economic value.

The company has entered into an agreement with its brokers Numis Securities Limited and Investec Bank to enable Numis and Investec to use the maximum consideration of $45 million to purchase the group’s shares in accordance with the terms of the general authority to make market purchases of up to 3,938,471 of its shares.

All repurchased shares will be held in the group’s treasury. Any purchase of shares pursuant to the agreement with Numis and Investec will be carried out on the London Stock Exchange.