4th Jul 2006 17:28
Paragon Group Of Companies PLC04 July 2006 INCREASE IN SHARE REPURCHASE PROGRAMME -------------------------------------- The Paragon Group of Companies PLC announces that a further £10 million is beingset aside for the repurchase of the Company's shares through the current sharerepurchase programme. To date, the Company has acquired 4,164,000 shares at a cost of approximately£24.5 million. Including the additional £10 million announced today, a further£15.5 million remains to be invested in the repurchase programme. The Company set out details of its strategy for capital management in its recentannual and interim reports. As the more capital demanding closed books havecontinued to decline, both from natural run-off and from ongoing disposals, themost recent of these being the sale of the majority of the remaining NHL book toStroud and Swindon Mortgage Company Limited for a total cash consideration of£72.6 million, additional capital has been released to support the sharerepurchase programme. The Board expects to provide a further update with the preliminary results to beannounced on 22 November 2006. Enquiries: Nigel Terrington, Chief ExecutiveNick Keen, Finance Director0121 712 2024 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Paragon Group