Frasers launches $135 million directed buyback from founder Mike Ashley's investment vehicle
Frasers launches $135 million directed buyback from founder Mike Ashley's investment vehicle Nov 5 (Reuters) - Frasers Group FRAS.L said on Thursday it would buy back up to £100 million ($134.89 million) worth of its shares from MASH Holdings, an investment vehicle owned by the British retailer's founder Mike Ashley, through a directed trading programme.
Here are more details:
The company said the directed trading programme will run alongside its existing on-market buyback programme
The retailer will purchase up to 26.6 million shares from MASH Holdings under the arrangement
Frasers said its board believes the company has long been undervalued relative to its £2.5 billion net asset value as of April 26
The move comes as Frasers presses ahead with strategic initiatives to boost its scale and value, including international expansion and acquisitions
($1 = 0.7413 pounds)
(Reporting by Sri Hari N S in Bengaluru; Editing by Aseem Gujar)
((srihari.ns@thomsonreuters.com))
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Frasers launches $135 million directed buyback from founder Mike Ashley's investment vehicle
Brief: Frasers To Purchase Ordinary Shares Up To £100 Mln Under Directed Trading Programme
Launch of Directed Trading Programme