23rd Jun 2026 19:57
Telecom Plus PLC - London-based provider of bundled household utility services, under the Utility Warehouse brand - Intends to start GBP40 million share buyback programme announced alongside annual results earlier Tuesday. Peel Hunt LLP and Investec Bank PLC will manage the buyback which will end no later than March 31 2027. The decision to launch a buyback follows a review of its distribution policy which began back in April. "We confirm our intention to continue distributing at least 80% of adjusted profit after tax to shareholders. Of that, at least 50% will be by way of ordinary dividend; the balance will be allocated to share buybacks if our forward looking adjusted price to earnings ratio is below 20x in the run up to results, and if not it will be returned by way of a special dividend," the firm said on Tuesday. In addition, Telecom Plus announces several share purchases by management and associated parties. Chair Charles Wigoder buys 500,000 shares at 710.25p on Tuesday for GBP3.6 million. Chief Executive Officer Stuart Burnett buys 27,601 shares at average 702.89p for total GBP194,004. Rebecca Burnett, the wife of the CEO, buys 22,184 shares at 704.14p for total GBP156,206. Chief Financial Officer Nick Schoenfeld buys 27,973 shares at 707.89p for total GBP198,018. Read More
