(Alliance News) - Frasers Group PLC on Tuesday launched a buyback of up to GBP80.0 million worth of its shares.
The Shirebrook, England-based owner of Sports Direct, Frasers and Flannels retail chains said the buyback programme will run until the date it reports its results for the first half of the year, which is expected to be December 7.
It said the maximum number of shares that can be purchased under the programme is 10 million. The buyback is intended to reduce the share capital of Frasers, it said.
Shares will then be held in treasury before being cancelled or reissued, the company said.
Frasers added that the share buyback will be conducted by Barclays Bank PLC.
Frasers shares rose 4.0% to 841.50 pence each on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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Frasers Group (FRAS)
