Brooks Macdonald kicks of £10m share buyback

(Sharecast News) - Brooks Macdonald announced the start of a share buyback programme on Tuesday, valued at up to £10m. The AIM-traded firm said the programme, approved by its board of directors, would begin immediately and would conclude no later than the announcement of its full-year results for the 12 months ending 30 June, expected in September.

It said the buyback would involve the repurchase of shares on the open market, with the acquired shares to be cancelled, thus reducing the company's share capital.

On any trading day, purchases would not exceed 15,000 shares.

Brooks Macdonald said it had engaged Singer Capital Markets to execute the buyback during the initial phase, which would end on 27 February, when the company announces its interim results for the six months ended 31 December.

The buyback was authorised by shareholders at the company's annual general meeting on 24 October, where it received 99.99% approval.

At 1224 GMT, shares in Brooks Macdonald Group were up 2.43% at 1,485.3p.

Reporting by Josh White for Sharecast.com.