PHSC shares were sharply higher on Tuesday after the health and safety consultancy and services company commenced a £200,000 share buyback programme.
Under the terms of the buyback, the company can repurchase up to 105% of the average share price over the previous 5 business days prior to the announcement. The program will run until September 27, 2023. This is the day before the company’s Annual General Meeting where the buyback authority is expected to be renewed.
The company stated the program will be reviewed on September 27 to determine if it should be extended. A further announcement will be made at that time if the program is continued.
PHSC said the buyback program aims to return value to shareholders by reducing the number of outstanding shares.
PHSC shares were 35% higher at the time of writing on Thursday.