Gelonghui April 12?$Smoore International Holdings Limited (06969.HK) $According to the announcement, on April 12, 2022, the company repurchased a total of 3.051 million shares from the market under the Repurchase mandate, with a maximum purchase price of HK $16.88, a minimum purchase price of HK $15.70 per share and an average purchase price of approximately HK $16.35 per share. The total consideration for the repurchased shares is HK $49.87612 million (before deducting brokerage commissions and fees), which has been funded by the Company's existing available cash reserves and free cash flow.
The Board is of the view that the current trading price of the shares does not fully reflect its intrinsic value and the business prospects of the Group. The Board is of the view that the company's current financial resources enable it to implement the share repurchase plan, which will increase earnings per share and overall shareholder return. The share repurchase programme also reflects the confidence of the board of directors and the management team in the company's long-term strategy and growth. The Board considers that the share repurchase plan is in the best interests of the company and its shareholders as a whole.