News Oil & Gas

Union Jack starts share buyback

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Union Jack Oil plc has started a share buyback programme funded by its own existing cash.

Limits: the purchased ordinary shares are not entitled to voting rights or dividend payments (Pixabay – generic)

TREASURY

The programme will also be within the limitations of the authority granted by shareholders at the 2021 general meeting in June 2022.

As at 27 March 2023, the company had purchased a total of 2,825,000 ordinary shares in open market transactions.

Union Jack has placed the purchased ordinary shares into treasury and are not entitled to voting rights or dividend payments.

DIVIDEND

The company will also pay an interim dividend to its shareholders of 0.3 pence per ordinary share. This follows its inaugural dividend during December 2022.

“Any and all future dividends and share buybacks will be reviewed and determined in line with the company’s capital allocation and distribution policy criteria to ensure the resulting distribution is in the interests of shareholders,” added executive chairman David Bramhill.

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