Reabold Resources plc has restarted its share buyback programme using new net proceeds from the sale of the Victory gas field to Shell.
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In October 2022 the company said it intended to begin the programme and return £4 million excess cash to shareholders on receipt of £9.5 million of deferred net sale proceeds from Shell UK Ltd.
The return was accelerated with an initial £750,000 buyback from April 2023 and to date £156,154 has been returned to shareholders.
Reabold has now received £5.2m from Shell and plans to return up to £593,846 to shareholders.
The company added: “The maximum quantum of the programme has been set by the board after having considered the current capital position and future capital needs of the company, such that it retains financial flexibility whilst maintaining an efficient balance sheet.
“The board will keep the programme under review to ensure that it continues as an efficient and effective means of generating value for Reabold shareholders.
“While the company has launched the programme, there is no certainty on the volume of shares that may be acquired, nor any certainty on the pace and quantum of acquisitions.”