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(Alliance News) - Pebble Group PLC on Wednesday announced a share buyback for a maximum consideration of GBP5 million, in order to reduce its share capital.
The Manchester, England-based firm, which provides products and services to the global promotional products industry, initially announced the buyback on March 19. A "strong balance sheet" was part of Pebble's motivation for the programme, it explained.
The initiative also represents "both the board's confidence in the group's future value, continued focus on capital allocation and enhancing shareholder returns, alongside its continued investment in the group's strategy", Pebble added.
The firm doesn't expect to make changes to its dividend policy as a result.
Shares in Pebble Group were trading 0.9% lower at 57.50 pence each in London on Wednesday afternoon. The firm has a market capitalisation of GBP96.3 million.
By Holly Beveridge, Alliance News reporter
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