By Elena Vardon
TI Fluid Systems is starting an up to 40 million euro ($41.9 million) share buyback program.
The U.K. car-fluid-storage manufacturer on Wednesday said the first tranche of the program–for up to EUR5 million–will start immediately and end by March 29, 2024.
The London-listed group said it will buy back up to 52 million of its shares–or 10% of its share capital in issue as of April 4, the day before the notice of its annual general meeting–in several tranches of up to EUR5 million each. The second tranche of the program is set to start upon completion of the first one, it added.
At its half-year results in August, the group had said it intended to start a buyback program in the second half of the year in line with its revised capital allocation policy.
Write to Elena Vardon at [email protected]
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