Clydesdale Bank parent company Virgin Money UK has launched a share buyback programme, with an initial repurchase of up to £75.0m in aggregate between its ordinary shares on the London Stock Exchange and its CHESS Depositary Interests on the Australian Securities Exchange.
Virgin Money said on Thursday that subject to trading liquidity, it intends to repurchase Shares and CDIs in approximately equal proportions.
The buyback was expected to commence on 30 June and end no later than 17 December.
Chief executive David Duffy said: “As Virgin Money continues to deliver against its strategic objectives and maintain a strong capital base, I am pleased to confirm the launch of our inaugural share buyback programme.
“Buybacks will play a significant role in the capital return policy we announced in May, as the Company targets profitable growth and distributes excess capital. Today’s announcement marks an important step in that journey.”
As of 0825 BST, Virgin Money shares were up 3.27% at 132.45p.
Reporting by Iain Gilbert at Sharecast.com
