Pets at Home launches first tranche of £25m buyback

(Sharecast News) - Pets at Home Group kicked off a £25m share buyback programme on Monday, in line with plans outlined in its preliminary results for the year ended 27 March. The FTSE 250 company said the repurchase would be executed in two tranches, with the first tranche totalling up to £12.5m.

It said it had entered into a non-discretionary agreement with Numis Securities, now operating as Deutsche Numis, to conduct the first phase independently of the company.

The tranche started on Monday, and would run until no later than 26 September.

Pets at Home said the buyback was intended solely to reduce its share capital, with all repurchased shares to be cancelled.

The programme was being conducted under the authority granted at the company's July annual general meeting, and is subject to its renewal at the 2025 meeting scheduled for 10 July.

It said the second tranche was expected to be managed by Jefferies International, with further details to follow.

At 1251 BST, shares in Pets at Home Group were up 0.62% at 260.6p.

Reporting by Josh White for Sharecast.com.