Pets at Home Group plc has completed the first phase of a £50 million share buyback programme.
The company instructed Numis Securities to purchase shares on its behalf for a maximum aggregate consideration of £25 million, which it completed within hours of launching the scheme by purchasing 44,921 shores.
The purchased shares will be cancelled. Following the purchase of these shares, the remaining number of ordinary shares in issue is 483,152,864. The sole purpose of the programme is to reduce the company’s total share capital, the company confirmed.
The second tranche of the programme is expected to be undertaken by HSBC Bank plc, with further details to be announced in due course. Further share buybacks are conditional on the renewal of the authority at the company’s 2023 annual general meeting, to be held on July 6, 2023.
This is an update to an article first published on June 26, 2023.