Plaza to repurchase up to 19 million shares

London and Warsaw-listed Plaza Centers is lauching a share buyback programme on London Stock Exchange this week which will see the mall developer repurchase up to 19.3 million shares, equal to 6.61% of the total of 292.4 million shares in issue.

The buyback programme is expected to last up to six months and the purchased shares will be held in treasury. Purchases will be subject to a cap on price equal to the higher of either 105% of the average of the middle market quotations of a share 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; and the last independent trade and the highest current independent bid on the LSE.

Plaza said it has also been informed by its majority shareholder, Elbit Imaging, which currently indirectly owns 68.4% of Plaza, that it intends to purchase issued share capital of Plaza through a series of on-market purchases. Elbit's purchase, Plaza said, will be within the limit set for Plaza's repurchase programme.