Fonix Mobile PLC (GB:FNX) has released an update.
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Fonix Mobile PLC has launched a share buyback program to repurchase up to 1,000,000 Ordinary Shares, capitalizing on a unique market opportunity following a secondary share placing by major stakeholders. The buyback aims to deliver shareholder value leveraging the company’s excess cash, without increasing the Concert Party’s shareholding, and will be managed independently by corporate broker Cavendish. Depending on market conditions, the buyback will be executed by May 31, 2024, with the repurchased shares potentially being held in treasury or cancelled.
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