(Alliance News) - Pennon Group PLC said on Friday it is starting the fourth phase of its share buyback program.
The Exeter, England-based water company began a share buyback program of up to GBP400 million in July. The first three phases have deployed around GBP150 million up to January 7.
Pennon Group has now signed an agreement with US investment bank Morgan Stanley to purchase ordinary shares at a price of 61.05 pence up to a total of no more than GBP50 million.
It is expected to be completed by March 18, and is subject to "Pennon's continued review of value creating opportunities in the UK water sector" for other uses of the money, the company said.
All purchased shares will be cancelled to reduce share capital.
The water company's share price was up 1.0% to 1,077.00 pence on Friday morning in London.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Pennon (PNN)