Alpha Group International PLC on Friday said that it intends to start a new share buyback, and has allocated a further £20 million from its cash reserves to the programme.

According to the London-based financial services firm, the maximum price paid per ordinary share will be the higher of 105% of Alpha’s average trailing 5-day mid-market closing price, or an amount equal to the higher of the price of the last independent trade of a share and the highest current independent bid.

The new programme follows the conclusion of Alpha’s £20 million buyback on Thursday.

Having reviewed its cash position, and taking into consideration its current cash balances and the likelihood of further cash generation, Alpha Group decided it would be appropriate to implement a further buyback.

Liberum Capital Ltd, the firm’s broker, will carry out the programme.

Shares in Alpha Group International were trading 0.4% lower at 2,270.00 pence each in London on Friday morning.

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