The owner of DIY chain Woodie’s has begun a share buyback programme worth as much as £50 million (€57.3 million).
Grafton Group, the international building materials distributor and DIY retailer, announced its intention earlier this month to introduce a third share buyback programme during 2023.
The company has now entered into non-discretionary arrangements with Goodbody Stockbrokers and Numis Securities to conduct a share buyback programme and to buy back ordinary shares for a maximum aggregate consideration of up to £50 million.
The buyback will commence on Friday and end no later than August 31st subject to market conditions. Under the terms of the buyback, the shares will be repurchased on the London Stock Exchange and cancelled.
The purpose of the buyback is to reduce the share capital of the company.
The company said it will make further announcements in due course. “There is no guarantee that the buyback will be implemented in full or that any shares will be bought back by the company,” it added.
