The Marketing Group PLC (NASDAQ OMX:TMG), which trades as RYVL, has reached an agreement with Imagine Group Pte Ltd to buy-back 928,571 ordinary shares in the firm held by in three tranches, for a nominal consideration, in total €0.03.
The group said the total shares being bought back under the agreement represent 1.80% of it's issued share capital and will be cancelled once the buyback has been completed.
Following completion of the buyback, it added, the company will have 50,611,448 shares in issue.
The buyback is conditional on an ordinary resolution being passed by shareholders at RYVL’s forthcoming General Meeting on 15 February 2018 approving the terms of the buyback, the firm said
It pointed out that the shares will be purchased in three tranches as follows: (i) 185,715 shares five business days after the date the ordinary resolution is passed for a total consideration of €0.01; (ii) 210,190 shares on 30 September 2019 for a total consideration of €0.01; and (iii) 541,666 shares on 30 March 2020 for a total consideration of €0.01.
The group said that if the number of shares to be bought back by RYVL exceeds the number of shares held by Imagine – which The Marketing Group announced the disposal of on 10 August 2017 – it will need to acquire further shares in the market so that they can meet with their contractual obligations to the company.