16th Dec 2019 09:21
(Alliance News) - AA PLC said Monday it has authorised the launch of a programme to purchase bonds issued by AA Bond Co Ltd in either open market purchases or private transactions.
The purchase programme will be managed by Peel Hunt LLP and be conducted in tranches, the first started at 0900 GMT on Monday and will end at a time determined by AA.
On Wednesday last week, the car insurance, driving lessons, and breakdown cover provider said it was planning a buyback or tender offer of its outstanding bonds, following a continued positive performance in its current financial year ending January 2020.
Shares in AA - which is headquartered in Basingstoke - were down 0.5% at 52.09 pence on Monday in London.
By Dayo Laniyan; [email protected]
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