Vistry kicks off £100m share buyback programme

18th Apr 2024 08:37

(Sharecast News) - Vistry Group announced the start of its share buyback programme on Thursday, aimed at repurchasing up to £100m of its shares.

The FTSE 250 housebuilder said the programme was expected to end no later than 30 September.

Aligned with its commitment to maintain a 2x adjusted earnings-ordinary distribution cover for a full financial year, distributions would be made through either share buybacks or dividends, with the method determined by the board.

The total purchase price of all shares acquired under the programme would not exceed £100m, excluding stamp duty and expenses.

Any shares purchased under the programme could be held in treasury, and the remaining shares would be cancelled.

At 0820 BST, shares in Vistry Group were up 0.27% at 1,119p.

Reporting by Josh White for Sharecast.com.