04 April 2003 14:31 [Source: ICIS news]
LONDON (CNI)-- British Vita said on Friday it has bought 20m of the 22.4m shares it is authorised to buy this year, ahead of its annual general meeting (AGM) on 16 April.
The latest stock purchase was made yesterday (3 April) when British Vita spent £394 000 ($618 000/Euro574 000) to buy 175 000 shares from the London Stock Exchange (LSE).
British Vita has proposed an additional repurchasing scheme to buy a further 10% of stock, or 20.9m shares next year. Approval is scheduled in this month’s AGM.
The stock repurchase programme was launched to return money to shareholders gained from the sale of British Vita’s stake in Spartec to shareholders, a spokeswoman confirmed to CNI.
Data of the amount spent on share repurchasing in the 12 months since the last AGM was not available. However, British Vita said that as of 31 December it had spent £39.5m to buy 16m around ordinary shares.
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