(RTTNews) - FirstGroup plc (FGP.L) said on Thursday it has launched a new £100 million share buyback program, which is set to begin on June 19 and is expected to run through June 17, 2027.
The transportation operator said the buyback will be conducted in four tranches of up to £25 million each. RBC Europe Ltd. will manage the first and third tranches, while Panmure Liberum Ltd. will oversee the second and fourth tranches.
FirstGroup noted that the program will be capped at 84.32 million shares, representing 14.99% of the company's issued share capital as of June 18.
The sole purpose of the buyback is to reduce the company's issued share capital. Repurchased shares will initially be held in treasury before being canceled at a later date. Treasury shares are not entitled to dividends and carry no voting rights.
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