Mears Group launches new £20m share buyback programme

22nd Aug 2024 11:01

(Sharecast News) - Housing and care service specialist Mears Group announced the launch of a new share buyback programme on Thursday, worth up to £20m.

The London-listed firm said the programme, designed to return surplus capital to shareholders, would be its fourth in the last 18 months.

It said the previous three programmes resulted in the purchase and cancellation of 17.7 million shares at an average price of 299.7p each, equating to a capital return of £53.2m.

Additionally, the company's employee benefit trust acquired 5.1 million shares during the period to support share-based employee remuneration, with 4.5 million shares still held for future use.

Mears said it had partnered with Deutsche Numis and Panmure Liberum to execute the buyback.

The firms would manage the repurchase of shares independently of Mears, following pre-set terms and market regulations.

It said the repurchased shares would be cancelled, reducing the company's share capital.

At 1043 BST, shares in Mears Group were up 0.72% at 371.15p.

Reporting by Josh White for Sharecast.com.