Darlington's Redde Northgate says it has doubled the scope of its current share buyback programme to £60m.
The commercial vehicle specialist said it had already made progress on a £30m scheme announced in March - telling investors it had so far purchased around 7.5m ordinary shares for a total of £28m including expenses. The ramping up of buybacks comes as Redde's board considers that low liquidity of its shares could impact its progress.
The firm now expects the extended programme to run until the end of June 2023, whereas it had been expected to close in September. It said the move had been taken in light of "significant shareholder support".
