(Alliance News) - Spirent Communications PLC on Monday launched a share buyback programme of up to GBP56 million.
Spirent is a Crawley, England-based provider of automated test and assurance solutions for next-generation devices and networks.
The firm had a cash position of USD209.6 million as at December 31, which it said allowed it to launch the buyback. It added that the programme demonstrated the board's confidence in its "attractive structural growth drivers" and ability to deliver "significant future shareholder returns".
Spirent's joint corporate brokers, Jefferies International Ltd and UBS AG, will execute the buyback. It has entered a non-discretionary agreement with UBS to conduct the first tranche of two to repurchase shares up to a value of GBP28 million by June 30.
The company will decide how to conduct the second tranche of the programme after purchases under the initial agreement have concluded.
Spirent shares were trading 0.6% higher at 174.29 pence each in London on Monday afternoon.
By Holly Beveridge, Alliance News reporter
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Spirent (SPT)