18th Jun 2024 11:08
(Alliance News) - MP Evans Group PLC on Tuesday launched a new share buyback programme, due to expire on September 14, for up to GBP2 million.
The Tunbridge Wells, England-based producer of crude palm oil said that all shares acquired under the buyback will be cancelled.
Reflecting on the reasoning for the buyback, MP Evans' board said it was still of the view that its overall business and its assets are "currently undervalued", with the current enterprise value being below the independent valuation of its assets.
MP Evans currently has a market cap of GBP466.4 million.
The balance sheet, the firm added, continues to provide the opportunity to repurchase shares "at advantageous levels that will be earnings enhancing".
Shares in MP Evans were trading 2.6% higher at 870.00 pence each in London on Tuesday morning.
By Holly Beveridge, Alliance News senior reporter
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