The shareholders of Spirent Communications Plc. (LSE:SPT) authorized a share repurchase program at its Annual General Meeting on May 1, 2013. Under the program, the company will repurchase up to 64,983,233 ordinary shares, representing 9.99% of the issued share capital. The minimum price (exclusive of expenses) which the company may pay for each ordinary share is 3 1/3 pence being the nominal value of each ordinary share. The maximum price (exclusive of expenses) which ... may be paid for each ordinary share shall be the higher of an amount equal to 105% of the average of the closing price of the company’s ordinary shares as derived from the London Stock Exchange Daily Official List for the five business days immediately preceding the day on which the share is contracted to be purchased or an amount equal to the higher of the price of the last independent trade of a share and the highest current independent bid for a share as stipulated by Article 5(1) of Commission Regulation (EC) 22 December 2003 implementing the Market Abuse Directive as regards exemptions for buy-back program and stabilization of financial instruments (No. 2273/2003). It is currently the directors’ intention, were shares to be bought back, for them either to be cancelled or retained in treasury pending a subsequent sale, cancellation or transfer. Unless previously renewed, varied, or revoked the authority shall expire at the end of the next annual general meeting of the company or June 30, 2014, whichever is the earlier. As of March 8, 2012, the company has 650,482,815 ordinary shares in issue and does not hold any Ordinary Shares in treasury.
Read More

Sponsored Financial Commentaries

To contact SPIRENT COMMUNICATIONS PLC, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.