Fashion retail conglomerate Frasers Group has announced it intends to launch a new share buyback programme worth 80 million pounds.
The initiative will cover the current period up until and including the last trading day prior to the company’s financial year end of April 30.
In a regulatory filing, the group said the programme’s purpose is to reduce the share capital of the company, with the maximum number of shares that may be purchased to be 10 million ordinary shares.
It added that a buy-back of these shares on any trading day may exceed the 25 percent of the average daily trading volume specified in the provisions of the Market Abuse Regulation.
Repurchased shares by the company will be held in treasury pending cancellation or re-issue.