Limited share liquidity sees GlobalData amend buyback programme
Updated : 08:03
GlobalData announced a modification to its £10m share buyback programme on Friday, designed to return surplus capital to shareholders.
The AIM-traded company originally set a limit on daily share repurchases to no more than 25% of the average daily trading volume, based on the 20 trading days prior to each purchase.
However, due to the limited liquidity of its ordinary shares, GlobalData said it had amended the terms of the buyback.
The revised programme allowed the company to purchase up to 50% of the average daily trading volume on any given trading day.
GlobalData noted that the adjustment exceeds the 25% limit initially set, which means the company would not benefit from the exemption under Article 5(1) of the UK Market Abuse Regulation.
At 0803 BST, shares in GlobalData were up 0.87% at 219.9p.
Reporting by Josh White for Sharecast.com.