Bayport Management Ltd (Mauritius) buys back 50,203 shares

By Published On: July 12th, 2022Categories: Corporate announcement, Share adjustments

Shareholders of Bayport Management Ltd (“BML” or the “Company”) (“Shareholders”) and the general public are hereby informed that the board of directors of BML (the “Board”) has authorised the repurchase of a total of 50,203 shares, representing 0.16% of the issued share capital of the Company (the “Buyback Shares”). The Buyback Shares will be repurchased from certain employees who were awarded shares in BML based on their performance in accordance with the rules of BML’s Long Term Incentive Plan dated 31 October 2012, as amended( “Long Term Incentive Plan”) (the “Buyback”).

As the Buyback relates to less than 5% of BML’s current issued share capital, the price at which the Buyback Shares will be repurchased is not required to be in compliance with Rule 3(d)(ii)(b) of the Securities (Purchase of Own Shares) Rules 2008 (the “Buyback Rules”). The Buyback Shares shall accordingly be repurchased at a price of USD 5.74 per share, which price was determined using the mechanisms as provided for under the relevant provisions of the Long Term Incentive Plan.

At the Annual General Meeting of Shareholders held on 22 June 2022, a special resolution was also passed thereby authorising the Board to proceed with the repurchase of a maximum of 1,538,338 BML shares representing 4.9% of its issued shares as at the date of the notice of said Annual General Meeting.

As required in terms of the Buyback Rules, an Explanatory Statement will accordingly be issued to all Shareholders in due course, containing all relevant information relating to the Buyback, for their information.

By order of the Board
11 July 2022

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