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Redde Northgate PLC - Darlington, England-based commercial vehicle hire firm - Completes GBP60 million share buyback half a year ahead of schedule, which it did to employ a disciplined approach to investment to deliver growth. Redde purchased 16.9 million shares which it now holds in treasury. The shares represent 7% of the company's issued ordinary share capital.
In March, Redde announced the share buyback due to having substantial headroom under its facilities. The company explained back then: "The group's objective is to employ a disciplined approach to investment, returns and capital efficiency to deliver sustainable compounding growth. It continues to see exciting opportunities to deploy capital organically and has a good mergers & acquisition pipeline. Even after taking into consideration capital to fund organic growth, payment of dividends in line with the company's dividend policy and acquisitions within the M&A pipeline, the company has substantial headroom under its facilities and target leverage of 1 to 2 times."
Redde originally planned a buyback of up to GBP30 million and to complete it by September 15. In August, it extended its programme to up to GBP60 million with a deadline of June 30, 2023.
Current stock price: 417.00 pence, up 0.2% on Friday morning in London
12-month change: down 2.9%
By Tom Budszus, Alliance News reporter
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