27th Jun 2019 17:53
(Alliance News) - MP Evans Group PLC on Thursday said it has decided to extend its share buyback scheme by another six months to the end of 2019.
The programme originally began in October 2018, before being extended again for three months and then six months after that.
Since its buyback programme started, the palm oil company has bought 213,939 shares at an average of GBP6.86 per share for a cost of GBP1.47 million so far out of its GBP3.0 million budget. The shares have since been cancelled.
MP Evans sees its current share price - its shares closed down 0.4% at 686.00 pence on Thursday - as substantially undervaluing the company's assets, prospects, and performance.
"The group is undertaking this programme alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of dividends. The board sees a case for buybacks being economically attractive since the group's shares are currently trading well below the share price implied by independent valuations of its assets," said MP Evans.
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