Pets at Home launches second tranche of share buy-back scheme
The board of directors of the company has decided that the shares purchased pursuant to the programme will be cancelled
Pets at Home has commenced its second trance of its share buy-back programme, planning to spend up to £12.5m.
The company has appointed HSBC Bank to conduct the second tranche and to make trading decisions independently of the company.
The news follows the group’s announcement of a £25m share buyback programme on 24 June 2024.
During the announcement the group mentioned that the programme would be undertaken in two tranches.
The second tranche programme will end on or before 27 March 2025. As previously announced, the sole purpose of the programme is to reduce the company’s share capital.
The board of directors of the company has decided that the shares purchased pursuant to the programme will be cancelled.
Pets at Home said: “The programme will take place within the limitations of the authority granted to the board of the company by shareholders at its annual general meeting held on 11 July 2024, pursuant to which the maximum number of shares to be bought back by the company is 46,791,154.”
