Frasers Group to buy back up to £70m of shares

Frasers Group announced on Monday that it would launch a new share buyback programme between now and the start of its closed period for the financial year just ended.

The FTSE 250 retail group said the total purchase price of all shares acquired under the programme would be no higher than £70m.

It said the maximum number of shares that could be purchased under the programme would be 10 million ordinary shares.

“The purpose of the programme is to reduce the share capital of the company,” Frasers said in its statement.

It said the programme would be conducted under the general authority to repurchase shares granted by shareholders at the 2021 annual general meeting.

“The shares repurchased by the company will be held in treasury pending cancellation or re-issue.”

At 0831 BST, shares in Frasers Group were down 0.8% at 684.5p.