Afterpay Touch (ASX:APT), a fintech firm announced an update on its share purchase program (SPP). The company had originally announced the the AU$30 million program in June, but had deferred the SPP following the request of the ASX to appoint an auditor to the transaction. On November 25, the company received a favourable report from an auditor and will now commence the SPP. Shares will be issued at AU$23, at a limit of AU$30 million.
As quoted in the press release:
In accordance with the Company’s previous commitments regarding the deferral, and in order to preserve the original record date and issue price for the SPP, the terms and conditions of the SPP (including the maximum size offer) remain unchanged form those previously announced to shareholders.
Shares issued under the SPP will be issued at the lower of $23.00, being the price of the institutional placement that was undertaken and announced on 12 June 2019, and the 5-day VWAP of Afterpay shares up to the SPP closing date.