CLS Holdings launches share buyback to cut discount to NAV

CLS Holdings has launched a share buyback programme that will see the property investor's broker Liberum buy back up to 4.1m of its shares.

The London-centric investment group said Liberum will begin the programme on Thursday and, unless it reaches its objective or is terminated earlier, will close on 30 June.

CLS said the buyback's objective was to enhance its net asset value per share, as the current share price is at a significant discount to its last reported NAV per share and so "does not adequately reflect the value of its property portfolio and development pipeline".

CLS shares leapt more than 7% to 1,719p by 1120 BST on Thursday.