Demetra repurchases 4,130 shares for €6,091.75

Nicosia, Cyprus. Demetra Holdings Plc bought 4,130 of its own shares for €6,091.75 this week as it continued a share buyback programme launched on July 15. The shares were acquired at €1.475 each through Cyprus Investment and Securities Corporation Limited (CISCO).

Buyback activity

The latest purchase was higher than Friday’s transaction, when Demetra acquired 34 shares for €49.81. Trading volumes under the programme have varied between sessions.

The company has repurchased 37,688 shares over 10 trading sessions since the programme began, according to its published disclosures.

Total spending stands at about €56,643, excluding transaction fees, at a weighted average price of approximately €1.503 per share. The shares acquired represent less than 0.02 per cent of Demetra’s 200 million issued shares.

Programme terms

The buyback programme was formally launched on July 15 after shareholders granted authorisation at the company’s annual general meeting on June 30.

It may continue until June 29, 2027, with CISCO appointed to execute purchases on Demetra’s behalf.

Under the terms set out in the annual general meeting notice, Demetra’s holdings of its own shares cannot exceed 10 per cent of its issued share capital. Purchases are also subject to a limit linked to 25 per cent of average trading during the preceding 30 days.

The maximum purchase price may not exceed the average share price over the previous five trading sessions by more than 5 per cent. No minimum purchase price was set.

Share price and net asset value

Demetra shares were trading at €1.47 on Tuesday, down 0.34 per cent, giving the company a market capitalisation of about €294 million, according to Cyprus Stock Exchange data.

The company’s latest reported net asset value was €2.5929 per share on June 30. The market price was about 43 per cent below that figure, although Demetra has not identified the discount as the reason for the buyback.