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DeClout seeks shareholders' nod to renew share buyback mandate
CATALIST-listed DeClout Limited on Friday announced that it is seeking shareholders approval for the renewal of its share buyback mandate at the company's annual general meeting (AGM) on April 30, which is also the last date that the current mandate is valid for.
In a filing with the Singapore Exchange, DeClout said: "The approval of the mandate would give DeClout the flexibility to undertake share buybacks when the mandate is in force, provides the company with a mechanism to facilitate the return of surplus cash over and above its ordinary capital requirements in an expedient and cost-efficient manner."
Moreover, it will also afford the directors greater control over the company's share capital structure, dividend payout and cash reserves, it added.
With the proposed mandate, the infocomm technology company can repurchase up to 10 per cent of its issued share capital through both on- and off-market purchases.
DeClout shares were trading S$0.005 or 6.1 per cent higher at S$0.087 at 10.55am.