16th May 2005 07:00
Sherwood Group PLC16 May 2005 Sherwood Group Plc (the 'Company') Acquisition of own shares The Company announces that, pursuant to its general authority granted byshareholders of the Company on 26 April 2005 to make market purchases of its ownshares, the Company made on market purchases of 2,400,000 Ordinary Shares at10.61 pence per Ordinary Share on 13 May 2005 to be cancelled. The total number of Ordinary Shares in issue following the purchase andcancellation of such Ordinary Shares is 108,541,178 Ordinary Shares. This announcement underlines the confidence of the Company in its futureprospects and is part of the Group's policy for returning surplus cash toshareholders. The Board wishes to reaffirm its intention for a more substantialshare buy back in due course when negotiations with the pension trustees resultin an agreement, subject to clearance from the new pension regulator, over theCompany's offer to make a lump-sum payment into the fund and, when the newgovernment regulations become available permitting the Board to determine thesize of the scheme specific funding deficit remaining after the lump-sumpayment. 16 May 2005 Enquiries: Noel Jervis - Executive Chairman 07710491083Martin Webster - Finance Director 0115 946 1070 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
International Airlines