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Zoetic higher as it agrees buyback deal with shareholder Diversion Technologies

The company said following its decision to exit its natural resources business, Diversion had agreed to sell back the 950,000 shares as well as paying US$65,000 to settle a debt

Zoetic International PLC - Zoetic higher as it agrees buyback deal with shareholder Diversion Technologies
The price for the shares will be used in combination with the US$65,000 cash payment to satisfy the debt owed to Zoetic by Diversion

Zoetic International PLC (LON:ZOE) shares shot higher on Thursday as it agreed to a share buyback plan with one of its investors, Diversion Technologies.

The company said following its decision to exit its natural resources business, Diversion had agreed to sell back the 950,000 shares it owns in Zoetic as well as paying US$65,000 to settle a debt.

READ: Zoetic reports higher first half revenues as it continues transition to CBD

Provided the buyback is approved by shareholders at a meeting this afternoon, Zoetic said it will purchase the shares at a price equal to the closing mid-market price on the business day immediately preceding the date of purchase.

The price for the shares will be used in combination with the US$65,000 cash payment to satisfy the debt owed to Zoetic by Diversion.

In mid-morning trading, Zoetic shares were 7.7% higher at 10.5p.

Quick facts: Zoetic International PLC

Price: 6.45 GBX

LSE:ZOE
Market: LSE
Market Cap: £9.62 m
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