ADVOKS GLOBAL · KENYA
The Capital Markets (Public Offers, Listings and Disclosures) Regulations, 2023
59. Publication of notices
Edition: 2023-12-15 · In force
59. Publication of notices
(1)A listed company that intends to buy back its shares shall publish, within twenty-four hours after the board’s resolution approving the share buy-back, and with the approval of the Authority, a public announcement of the intended share buyback in accordance with Part XIV of these Regulations.(2)The listed company shall submit the published public announcement to the securities exchange and the exchange shall publish the announcement on its website.(3)The announcement under subregulation (1) shall contain material information on the share buyback including—(a)the method of effecting the share buyback (on-market (exchange) purchase or off-market purchase);(b)the minimum and maximum prices of the shares to be bought back;(c)the treatment of shares by the listed company after they are bought back;(d)the percentage of the shares to be bought back as a proportion of the issued share capital of the listed company; and(e)the transaction advisers advising the listed company in the share buyback transaction.(4)The announcement under subregulation (1) shall contain a statement that the listed company shall provide the shareholders with a circular on the proposed share buyback seeking the shareholders’ approval after the circular on the share buy-back has been approved by the Authority.