North East motor retailer Vertu Motors has announced the launch of a new share-buyback programme of up to £3m.
The firm announced a buyback programme in March, which has so far resulted in the purchase and cancellation of more than five million shares at a cost of £2.98m – a programme which followed a similar buyback last November which saw the firm purchase £2.99m of its shares.
Vertu says it will now seek to buy back more of its ordinary shares, using the company’s existing cash resources, for a further amount up to £3m. It said the firm’s debt capacity, net cash position and positive cash flow means it will also continue to pay dividends and consider acquisition and investment opportunities.
