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Melrose Industries PLC on Monday said it started a £500 million share buyback programme. The repurchased shares will be either held in treasury or cancelled, the Birmingham, England-registered manufacturer said. ‘Cancelling those shares will reduce the share capital of the company whilst holding ordinary shares in treasury will give the company the ability to cancel or re-issue such ordinary shares at a later date,’ it explained. Investec Bank PLC and JP Morgan Securities PLC will conduct the programme on behalf of Melrose. Melrose shares rose 1.6% to 477.10 pence each on Monday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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