Power Probe PLC
08 October 2026
8 October 2026
Power Probe PLC
Share buyback programme
Power Probe ("Power Probe", or the "Group"), a leading producer of automotive electrical diagnostic tools for professional service technicians, is pleased to announce that the Group is commencing a share buyback programme (the "BuybackProgramme") following the authority for share purchases granted by shareholders at the annual general meeting held on 10 June 2026.
The board of directors (the “Board”) of Power Probe keeps the cash resources of the Group under regular review, involving forecasting of the Group’s trading, investment and working capital requirements.Following its most recent review of the Group’s cash resources and expected ongoing cash generation, the Board considers that the Group has excess capital of $1.0 million. The Board believes that a programme of share buybacks is an appropriate use of this capital.
The Buyback Programme will have a budget of up to $1.0 million (the “Maximum Amount”) to be used to buy back Power Probe’s ordinary shares of 0.1 pence each in the capital of the Company ("OrdinaryShares") in the market over the next three months until 31 December 2026. At that time, the Board will review the Buyback Programme.
The Board believes the Group is well positioned, supported by strong operational cash generation and a robust balance sheet. This provides an opportunity to repurchase Shares at advantageous levels, as part of its overall approach to capital allocation, which will focus on long-term value creation for shareholders.
The Company has entered into an agreement with its broker, Shore Capital Stockbrokers Limited ("Shore Capital"), to carry out purchases of its Ordinary Shares under the Buyback Programme on its behalf. As and when requested to do so by the Company, Shore Capital will seek to purchase Ordinary Shares up to the Maximum Amount.
The share repurchases will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with the Company's general authority to purchase its Ordinary Shares granted by its shareholders. The Company has authority to purchase up to a maximum of 7,370,240 Ordinary Shares and the Company intends to seek a renewal of the general authority to purchase Ordinary Shares at the 2026 annual general meeting for up to approximately 10% of the issued share capital. Share repurchases under the Buyback Programme may be undertaken until the earlier of the Maximum Amount being repurchased and 31 December 2026. All Ordinary Shares repurchased under the Buyback Programme will be initially held in treasury, and cancelled no later than upon the conclusion of the Buyback Programme. The Company will make further announcements in due course following the completion of any share repurchases.There is no certainty that the Buyback Programme will be implemented in full.
The Buyback Programme, the purpose of which is to reduce the Ordinary Share capital of the Company, will, insofar as is possible, be effected within the safe harbour parameters of the Market Abuse Regulation 596/2014/EU and the Commission Delegated Regulation 2016/1052/EU, each as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018.However, the Buyback Programme may on any given day represent a significant proportion of the daily trading volume in the Ordinary Shares and could therefore exceed 25% of the daily trading volume. In this case, the Group would not benefit from the exemption contained in Article 5(1) of the UK version of the Market Abuse Regulation.
ENDS
CONTACT DETAILS
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Power Probe Chema Garcia, Chief Executive Officer Fabio Medina, Chief Financial Officer Tom Marsh, EMEA Regional Director |
c/o Sodali & Co |
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Shore Capital (Nominated Adviser & Broker) Toby Gibbs / Harry Davies-Ball
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+44 (0)20 7408 4090 |
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Sodali & Co James White / Tilly Abraham / James Whitaker |
+44 (0)78 5543 2699
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About Power Probe
Power Probe is a leading producer of automotive electrical diagnostic tools for professional service technicians.
The Group was founded in 1992 in California, USA, and has grown to become an internationally renowned brand, designing and distributing over 140 products. It is driven by a relentless focus on product quality, continuous innovation and customer care, as captured in its mission statement: "Simplifying Automotive Diagnostics".
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