Sainsbury's kicks off £200m share buyback programme
[William - stock.adobe.com]
kicked off its share buyback programme on Friday, having announced it on 7 February, aiming to repurchase up to £200m of shares by the end of the current financial year.
The FTSE 100 grocer said the first tranche of the programme, totalling up to £150m, was starting on 26 April and ending on or before 1 November.
It said the tranche would consist of the repurchase of its ordinary shares, with the sole objective of reducing its share capital.
Sainsbury's said it planned to cancel the repurchased ordinary shares on completion of the programme.
To execute the programme, Sainsbury's said it had engaged UBS to conduct the buybacks on its behalf.
The programme would operate within the parameters of the authority granted at the annual general meeting on 6 July last year, which authorised the repurchase of up to 236,462,600 shares.
At 0839 BST, shares in J Sainsbury were up 1.53% at 260.54p.
Reporting by Josh White for Sharecast.com.
Disclaimer & Declaration of Interest
The information, investment views and recommendations in this article are provided for general information purposes only. Nothing in this article should be construed as a solicitation to buy or sell any financial product relating to any companies under discussion or to engage in or refrain from doing so or engaging in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the writer but no responsibility is accepted for actions based on such opinions or comments. Vox Markets may receive payment from companies mentioned for enhanced profiling or publication presence. The writer may or may not hold investments in the companies under discussion.