BlueCrest kicks off buy-back programme

28th May 2012 07:17

Investment company BlueCrest AllBlue Fund has kicked off its share buy-back programme in accordance with the authority granted to the company at last year's annual general meeting. The company has appointed an agent to conduct share buy-backs on behalf of the company The agent may, at its discretion, buy back shares in the market provided the price paid is not more than 5% higher than the average closing price of the shares in the five trading days proceeding the purchase.The agent has wasted no time earning its fee, moving into the market and snapping up 175,000 shares at an average price of 164.1p each, the price at which BlueCrest's shares closed on the day before the share repurchase announcement. JH