Building firm announces £15m share buyback scheme
Gloucestershire building firm Mears has announced a £15m share buyback scheme.
The firm, which builds and maintains social housing, said that since its half year results, which were released in August, the group has continued to experience positive momentum.
As a result the board has approved an additional return of surplus capital of up to £15m to shareholders to be implemented through a new share buyback programme.
In April the board announced a return of surplus capital of £20m, to be implemented through a share buyback programme.
This programme was completed at the start of August and saw the purchase and cancellation of 7.30m Ordinary Shares of 1p each at an average price of 273.9p, representing around 6.58 per cent of the group’s issued share capital.
Mears has entered into non-discretionary arrangements with Numis Securities Limited (‘Numis’) and Panmure Gordon (UK) Limited (‘Panmure Gordon’) to conduct the Buyback Programme.
Under these arrangements, Numis and Panmure Gordon will make trading decisions in relation to the buyback of the company’s ordinary shares independently of the group.
It is expected that the buyback programme will take around six months to complete.