Bridgepoint Group PLC on Monday said it is reintroducing its share buyback programme to take advantage of current market volatility.
The London-based private equity firm said the buyback, worth up to £50 million, start on Monday and is expected to be completed by May 31 next year. It will be run by JP Morgan Securities.
Shares in Bridgepoint were 1.2% lower at 286.40 pence each in London on Monday morning. The company has a market capitalisation of £2.36 billion.
Bridgepoint said its strategy and growth agenda, as outlined at the capital markets day last October, remains unchanged.
‘However given ongoing market volatility there is a benefit in Bridgepoint reintroducing the flexibility to allocate some capital to repurchase its shares on an opportunistic basis,’ is said in a statement.
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