LONDON – Supernova Digital Assets PLC (AQSE: SOL) has completed a share buyback transaction on December 27, 2024, as part of a program approved by shareholders earlier in the year. The digital asset company has bought back 67 million ordinary shares at a unique price of £0.002239 per share through Oberon Investments Limited, a move which is in line with a resolution passed during the annual general meeting (AGM) on 7 May 2024.
The repurchase represents a significant step for Supernova, as the maximum number of shares authorized for repurchase totals 1.3 billion, which is approximately 90% of the company’s share capital as of April 5, 2024. The company has set the minimum price for the repurchase at the par value of the common shares and a maximum price of £0.0024 or an amount equal to the net asset value per share, whichever is higher, as announced from time to time.
After the transaction, the issued share capital of Supernova amounts to 1,603,225,646 ordinary shares, whereby the redeemed shares will be held in the treasury. For the purposes of the Financial Conduct Authority’s (FCA) Disclosure and Transparency Rules, the market should use the figure of 1,536,225,646 shares, which excludes treasury shares, to determine the notification requirements for changes in holdings.
Authorization for the repurchase program has been granted until December 31, 2025, indicating that further repurchases may follow. The company has committed to providing updates on any additional buyout activities.
A share buyback is a financial maneuver that companies often use to reduce the number of shares outstanding, which can potentially increase the value of the remaining shares and provide returns to shareholders. This announcement is based on a press release from Supernova Digital Assets PLC.
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