on Fullers Smith & Turner PLC (isin : GB00B1YPC344)
Fuller, Smith & Turner PLC Announces Share Buyback Programme
Fuller, Smith & Turner PLC has completed its previously announced share buyback programme. The company repurchased 1 million 'A' Ordinary Shares, each priced at 40p, for a total of £6.7 million. These shares will be held in treasury.
Following the financial results for the 52 weeks ending 30 March 2024, the company announced plans to buy back an additional 2.5 million 'A' shares. An arrangement has been made with Numis Securities Limited for this purpose, consistent with their capital allocation framework.
The buyback aims to reflect the board’s view that the current share price is undervalued and is expected to enhance earnings per share. Purchases will be executed on the London Stock Exchange, complying with the Listing Rules and shareholder authorisation.
Due to limited liquidity, buybacks may represent a significant portion of daily trading volumes and may exceed 25% of the average daily trading volume. Thus, the company will not benefit from regulatory exemptions usually applicable to buyback programmes.
R. E.
Copyright © 2024 FinanzWire, all reproduction and representation rights reserved.
Disclaimer: although drawn from the best sources, the information and analyzes disseminated by FinanzWire are provided for informational purposes only and in no way constitute an incentive to take a position on the financial markets.
Click here to consult the press release on which this article is based
See all Fullers Smith & Turner PLC news