28th Jul 2016 08:51
LONDON (Alliance News) - Sports Direct International PLC on Thursday said it intends to commence a share buyback in order to reduce its share capital.
The sporting goods retailer said the buyback will be for up to a maximum of 29.9 million shares, representing 5% of its issued share capital, for a maximum consideration of GBP89.8 million.
Citigroup Global Markets Ltd will undertake the buyback on Sports Direct's behalf, during the period leading up to its annual general meeting on September 7.
Shares in Sports Direct were trading up 14% at 292.40 pence on Thursday morning, the best performer in the FTSE 250.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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