Buyback programme would run until September 5
British sportswear retailer Sports Direct has stated today that it plans to buy back up to £100m of its equity as it seeks to further reduce the share capital of the company. the firm said a maximum of 30m shares could be purchased.
Sports Direct, controlled by founder and Chief Executive Mike Ashley, said its latest buyback programme would run until its annual shareholders meeting on September 5.
Shares in Sports Direct closed at 357.6 pence today morning trading, valuing the business at £1.94bn.
Ashley owns 61 per cent of the equity.
The retailer is trying to revive sales and profit growth with smarter stores that sell more premium products from the likes of Nike and Adidas.