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Frasers Group has announced the launch of a new share buyback programme of up to £80m to reduce the share capital of the company.
The group has entered into a non-discretionary arrangement with Barclays Bank PLC, acting through its investment bank, for a new share buyback programme.
The programme will begin from today’s date (18 June 2024) for the period ending on the day the company reports final results for the year ended 28 April 2024.
According to Frasers, aggregate purchase price of all ordinary shares acquired under the programme, together with any other shares purchased on the company’s behalf pursuant to its programme, will be no greater than £80m.
The maximum number of shares that may be purchased under the programme will be 10 million ordinary shares.
Additionally, the group stated that any share purchases under the programme will be made on the company’s behalf and in accordance with the arrangement and shall be made independently of and “uninfluenced” by the company.
Frasers added: “The programme will be conducted within certain pre-set parameters and the terms of the arrangement with Barclays, and in accordance with the general authority to repurchase shares granted by the company’s shareholders at the 2023 annual general meeting and Chapter 12 of the Listing Rules. The shares repurchased by the company will be held in treasury pending cancellation or re-issue.”
