Frasers kicks off £80m share buyback

(Sharecast News) - Retail company Frasers Group announced on Tuesday that it has initiated a non-discretionary share buyback programme with Barclays Bank's investment bank division. The FTSE 100 company said the programme would operate during its closed period starting from Tuesday and extend until it reports its half-year results, which was expected on 7 December.

Under the terms of the programme, the purchase price for all shares acquired, including those bought on the company's behalf, would not exceed £80m.

The maximum number of shares that could be repurchased was capped at 10 million.

Frasers said the programme's primary objective was to reduce its share capital.

At 0939 GMT, shares in Frasers Group were up 4.39% at 844.5p.

Reporting by Josh White for Sharecast.com.