19th Dec 2007 07:02
Trinity Mirror PLC19 December 2007 Trinity Mirror plc Trinity Mirror Announces £175 million Share Buyback Programme Trinity Mirror plc ("the Group") announces today that it is immediatelycommencing a share buy back programme to the value of £175 million followingclearance from the Pensions Regulator for a return of capital to shareholders.This is part of the planned capital reorganisation which follows the Group's review of the business and the disposal of certain businesses. To secure clearance from the Pensions Regulator Trinity Mirror has agreed tomake immediate one off payments totalling £108m into the Group's defined benefitpension schemes. The Group remains committed to funding the remaining deficitsin its defined benefit pension schemes over time. The Share buy back of £175 million is more than £30 million higher than the netproceeds from the disposal of Sports division and seven sub regions in the South(after deduction of the Pensions contribution) and reflects the Board'sconfidence in the Group's ongoing cash flows. The Group's strong balance sheetafter this return of capital will provide continuing financial flexibility forinvestment to create shareholder value going forward. The share buy-back programme will continue through the close period, utilisingthe existing authority granted by shareholders at the 2007 AGM to repurchase 10%of our issued share capital. At such time as additional authority becomesnecessary the Directors will seek that authority in a General Meeting. Further enquiries: Trinity MirrorNick Fullagar, Director Corporate Communications 020 7510 3000 MaitlandNeil Bennett 020 7379 5151 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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