Local importers M&Z plc announced that it will buy 500,000 of its own shares on the market by 27th March.

M&Z has already purchased 250,000 of its own shares since a buy-back programme was approved in an AGM last year, authorising them to acquire up to a million of its own shares at any price between €0.45 – €0.65 per share.

This is lower than the €0.72 share price at M&Z’s initial public offering back in 2022.

Back then, 11.55 million ordinary shares were purchased on the market, equivalent to 26 per cent of the company, which currently has 44 million shares in issue.

Rizzo Farrugia & Co. (Stockbrokers) Ltd will undertake the buyback of shares, and any current shareholders wishing to sell their shares must place an offer on-exchange through an authorised investment firm.

They are also advised to contact their own independent financial advisor for advice and assistance with the programme and the buyback process.

M&Z said it established the buy-back programme to manage its capital more efficiently, including as an alternative means of distributing capital to shareholders and by utilising shares for future acquisitions of assets or for other purposes.

It added that, given the specific purposes for which the programme has been established, the buy-back cannot be carried out in full compliance with the ‘safe harbour’ provisions exemption for issuers conducting share buy-backs as listed in the EU Market Abuse Regulation.

However, it said it has undertaken to comply with the relevant Market Abuse Regulation and Safe Harbour Regulation requirements, to the extent that it is possible in practice.