11:12 am, February 7, 2024
Dealer group Vertu Motors has confirmed the purchase of more than 200,000 shares as part of a buyback scheme announced last year.
In a statement posted to the London Stock Exchange this morning (Feb 7), the retailer announced it has bought back a total of 218,113 ordinary shares.
The outfit says the shares were valued at 10p each but it has paid significantly more to bring them back into company hands.
According to the documents published today, the highest price paid for an ordinary share came in at 64p, while the lowest cost was 63.25p.
Overall, 57,752 shares were sold at the lower price, with 160,361 going for the top end figure. The deal means that Vertu spent £139,315.11 on the shares.
Bosses have now applied for the repurchased shares to be cancelled, leaving the total number of ordinary shares with voting rights at 338,216,755.
Vertu told the London Stock Exchange: ‘An application will be made for the repurchased shares to be cancelled.
‘Following the cancellation of the repurchased shares, the total number of ordinary shares with voting rights will be 338,216,755 which may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Vertu Motors under the FCA’s Disclosure Guidance and Transparency Rules.
‘The company holds no shares in treasury.
‘The company will make further announcements in due course following the completion of any further purchases pursuant to the buyback programme.’
The latest announcement comes just over a month after Car Dealer boss James Baggott predicted that Vertu would go private this year.
In his predictions for 2024, Baggott described the retailer as a ‘sitting duck’ and backed overseas investors to snap up the Car Dealer Top 100 outfit.
Last year saw Lookers delisted after a private takeover by Canadian investors while Pendragon sold its dealerships and leasing business to Lithia Motors.
