PHSC (AIM:PHSC) PLC shares surged by 33% following the announcement of a new share buyback programme.
The health, safety and environmental consultancy service provider intends to repurchase up to 1,184,701 ordinary shares or a gross amount of £200,000, whichever is lower.
This move is part of PHSC (AIM:PHSC)'s broader strategy to provide returns to shareholders and follows successful buyback programmes in 2021 and 2022.
The decision was influenced by PHSC's closing share price of 18.5p, which is significantly lower than its net asset value per share of approximately 30.7p.
The company's cash position as of Monday's close stood at £734,074.
At 9 am, the shares were changing hands for 24.6p, up 6.1p.