Mike Ashley’s Frasers Group, which owns brands including House of Fraser and Sports Direct, has launched a new share buyback programme worth up to £80m.
The retail giant has entered into a non-discretionary arrangement with Barclays Bank, acting through its investment bank, for the new programme.
It will take place from today until Frasers Group reports final results for the year ended 28 April, 2024, which is scheduled for July.
Frasers Group added that a maximum of 10 million shares could be purchased with the total share back programme to be no greater than £80m. Shares closed at 856 pence yesterday afternoon.
Frasers said: “The purpose of the programme is to reduce the share capital of the company. The shares repurchased by the company will be held in treasury pending cancellation or re-issue.”
Frasers Group’s UK sports retail business unit, which includes Sports Direct, accounted for more than half of the group’s full-year revenues last year, at £1.5bn out of a total £2.76bn, up 0.8 per cent year on year.
In February, the sporting giant announced a similar buyback scheme which ran for 11 weeks and ended on Sunday, 28 April.
