WH Smith to buy-back another £50m

31st Aug 2011 07:06

Books and stationary retailer WH Smith has announced plans to buy-back another round of shares in 2012, following the £55m repurchased this year.In October, the FTSE 250 firm announced a share repurchase programme for the 12 months ended 31 August 2011 of £50m, which was then extended by a further £5m (completed on 26 August).Now, the group has decided to buy-back another £50m for the year ended 31 August 2012."In light of current market conditions, the board believes it is appropriate to maintain flexibility on the timing of any purchases and will commence a non-discretionary programme to purchase ordinary shares for cancellation during its close period which commences on 1 September 2011 and is scheduled to end on 13 October 2011," the statement said.BC