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Frasers launches $135 million directed buyback from founder Mike Ashley's investment vehicle

By Reuters News

Nov 5 (Reuters) - Frasers Group FRAS.L said on Thursday it would buy back up to £100 million ($134.89 million) worth of its shares from MASH Holdings, an investment vehicle owned by the British retailer's founder Mike Ashley, through a directed trading programme.

Here are more details:

  • The company said the directed trading programme will run alongside its existing on-market buyback programme

  • The retailer will purchase up to 26.6 million shares from MASH Holdings under the arrangement

  • Frasers said its board believes the company has long been undervalued relative to its £2.5 billion net asset value as of April 26

  • The move comes as Frasers presses ahead with strategic initiatives to boost its scale and value, including international expansion and acquisitions

($1 = 0.7413 pounds)

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