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Social housing provider Mears Group announces 拢15m share buyback scheme

The Gloucestershire-based housing and social care provider employs more than 5,000 people

Mears Group has confirmed it will return up to 拢15m in surplus capital to shareholders through a new share buyback programme.(Image: Leeloo Thefirst/Pexels)

Mears Group has introduced a £15m share buyback scheme.

The housing and social care provider, which has its head office in Gloucestershire, announced in its half year results, which were released on August 3, the group continued to experience "positive momentum" with revenues up 8% to £525.6m.

As a result, bosses at the Aim-listed firm have approved the additional return of surplus capital of up to £15m to shareholders to be implemented through the new share buyback programme.

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In April Mears initially announced a return of surplus capital of £20m, through a share buyback programme of the firm's ordinary shares. This programme launched on May 15 and completed August 5. It saw the purchase and cancellation of 7.30m Ordinary Shares of 1p each at an average price of 273.9p.

Mears has now entered into non-discretionary arrangements with Numis Securities and Panmure Gordon (海角视频) to conduct the buyback programme on its behalf from October 3.

As joint brokers, Numis and Panmure Gordon, will make trading decisions in relation to the buyback of the company’s ordinary shares independently of the group. Both acted in the same capacity for Mears' £20m buyback scheme in April.

Bosses at the AIM-listed firm said share purchases under the new buyback programme will take place in open market transactions and may be made from time to time depending on market conditions, share price and trading volumes.