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House of Fraser and Sports Direct-owner Frasers Group PLC on Monday launched a £35 million share buyback.
The maximum number of shares that may be purchased under the closed period beginning Monday will be 5.0 million. The total purchase price of all shares acquired will be no greater than £35.0 million.
The buyback will end on July 21, the day the retail group will publish a trading update which excludes Studio Retail Ltd. A trading update including Studio Retail will be published in September.
Frasers acquired Studio Retail in February for £26.8 million in total. It was the main operating business of home shopping company Studio Retail Group PLC, formerly known as Findel PLC, before its acquisition by Frasers.
Frasers owns stores House of Fraser and Sports Direct and is based in Shirebrook, England.
Shares in Fraser were up 4.5% at 633.00 pence on Monday morning in London.
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