Michelmersh Brick Holdings PLC announced on Monday that it intends to recommence its buyback programme with Canaccord Genuity Ltd.

The West Sussex, England-based bricks manufacturer is repurchasing shares for a maximum consideration of £2.0 million.

Michelmersh shares rose 1.5% to 97.92 pence in London on Monday.

Michelmersh plans to use the programme to ‘reduce its share capital in order to return value to shareholders’.

The programme commenced on Monday and will end no later than December 31, with London-based investment bank Canaccord acting as principal. The repurchased shares will be held in treasury.

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