(Alliance News) - Auto Trader Group PLC on Tuesday said it plans to continue its share buyback programme until its annual general meeting in September.
The buybacks were authorised at Auto Trader's 2018 AGM, allowing the online automotive marketplace to buy back up to 94.8 million of its shares. Thus far, the company has acquired 13.3 million of its own shares, of which 1.3 million were held in treasury and the rest were cancelled.
"The purpose of the share buyback programme is to reduce the company's share capital. It is intended that shares purchased under this programme will be either held in treasury (to the extent required to satisfy existing share awards under the company's share incentive plans) with the remainder being immediately cancelled," said Auto Trader.
Shares in Auto Trader were down 2.2% at 540.40 pence on Tuesday morning.
Auto Trader (AUTO)
