Fuller, Smith & Turner plc (FSTA.L) has recently announced that it has repurchased 1 million 'A' ordinary shares of 40p each in the company. The repurchase was conducted under an arrangement with Numis Securities Ltd., which began on 16 November 2023. Further, the company has decided to extend the Programme and repurchase up to an additional 1 million Ordinary Shares.
This is consistent with the company's capital allocation framework and reflects the Board's view that the current share price continues to represent a significant discount to the company's underlying net asset value. The Programme is expected to enhance earnings per share.
The share purchases will be made on the company's behalf and by the arrangement and, in the case of any purchases made during closed periods and/or at any time when the company has inside information, shall be made independently of and uninfluenced by the company.
Any purchase of Ordinary Shares made in accordance with this Programme shall be carried out on the London Stock Exchange, and will be executed in compliance with the prescribed limits set forth by both the Listing Rules and the authorization granted to the Board by the company's shareholders during the Annual General Meeting held on 20 July 2023.
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