Smoove PLC saw its shares rise more than 8.5% in Tuesday morning’s deals, to trade at 36.14p, after proposing to buy back up to £5mln of its shares.
The online ‘moving home’ portal and ‘eConveyancer’, in a statement, said it would pay 40p per share for up to 12.5mln shares in the offer.
The offer is open to qualifying shareholders and the process is being run by stockbroker Panmure Gordon.
Smoove said its board believes the offer “is the best way to achieve a balance between an immediate return of capital to shareholders whilst retaining funds to support value creating new products and business improvements”.
The proposed offer has a record date of 9 January 2023 and is expected to complete on 12 January. It remains subject to shareholder approval at a planned general meeting on 11 January.