(Alliance News) - Frasers Group PLC on Friday unveiled a new buyback programme that will run until late-April.
A share repurchase programme worth up to GBP70.0 million begins on Friday and ends on April 24, the day before the retailer ends its financial year.
The company, which owns retailing brands such as Sports Direct and Evans Cycles, said the maximum amount of shares that can be bought through the buyback is 10.0 million.
"The purpose of the programme is to reduce the share capital of the company," Frasers said.
The new programme follows a buyback of the same amount it kicked off in December. Frasers also had announced a GBP70.0 million buyback in October, as well as a GBP60.0 million one back in May of last year.
Frasers shares were 2.4% higher at 649.50 pence each in London on Friday morning, one of the best mid-cap performers.
By Eric Cunha; ericcunha@alliancenews.com
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Frasers Group (FRAS)