MP Evans Group PLC - Tunbridge Wells, England-based producer of Indonesian crude palm oil - Extends its share buyback programme with a budget to up to £12 million. Of this, up to £2 million in shares will be repurchased on the open market by broker Cavendish Capital Markets Ltd between Tuesday and March 20. Another £10 million may be used ‘in more limited circumstances, including in the event that any more material shareholdings of shares are offered for sale’, MP Evans says.
The company believes its business and assets are undervalued, noting its current enterprise value is below an independent valuation of its assets. ‘The group’s robust balance sheet continues to provide an opportunity to repurchase shares at advantageous levels, as part of its overall approach to capital allocation, which will focus on the long-term value creation for shareholders,’ MP Evans says.
Current stock price: 948.50 pence
12-month change: up 28%
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