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GLOSSARY

On-market share buyback definition

Published by a LexisNexis Corporate expert

What does On-market share buyback mean?

A share buyback is an on-market buyback if it is made on a recognised investment exchange and it is subject to a marketing arrangement on that exchange (ie it is not an off-market share buyback). Therefore a public company with shares traded on certain markets, including the Main Market or AIM, may make an on-market purchase or an off-market purchase.

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Share buybacks by way of tender offer—private companies

Share buybacks by way of tender offer—private companies A limited company may buy back shares in itself, if certain conditions set out in the Companies Act 2006 (CA 2006) are met. This is known as a share buyback or a purchase of own shares. In addition to the provisions of CA 2006, there are other rules and guidelines that are relevant to a share buyback, although some only apply to a listed company or an AIM company. For an introduction to share buybacks, see Practice Note: How to carry out a share buyback. For a consideration of the law applicable to a share buyback and information on why a company might wish to carry out one, see Practice Note: Share buybacks—the legal framework. This Practice Note sets out the rules that may apply to a private limited company seeking to buy back its shares by way of tender offer. It should be read with Practice Notes: • Private company share buybacks—initial considerations • Private company share...

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