4th Dec 2019 08:31
(Alliance News) - Ferguson PLC said Wednesday it has started an immediate share repurchase programme up to the value of USD64.0 million to reduce the capital of the company.
The plumbing and heating products distributor said the share repurchase programme commences on Wednesday and ends no later than June 10, 2020.
The purpose of the programme is to reduce the capital of Ferguson, it said. To extent required, Ferguson said it may in future use the repurchased shares to satisfy employee share options.
The USD64.0 million share buyback programme is a part of USD500 million share repurchase programme announced in June. Back then, Ferguson said it has surplus cash beyond its immediate re-investment needs.
Ferguson shares were up 0.5% in London at 6,508.00 pence each on Wednesday.
By Loreta Juodagalvyte; [email protected]
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