Back to the buyback buffet
Grafton Group is back in the market scooping up its own shares, this time buying 75,000 ordinary shares on the London Stock Exchange for cancellation. The company said the purchases were made as part of its £25 million share buyback program.
Why you should care
This is one of those classic “we like our own stock enough to shop for it” moves. When a company retires shares, there are fewer slices of the pie floating around, which can make per-share metrics look a bit tastier for the folks still holding the plate.
The numbers behind the move
- Shares bought on April 15: 75,000
- Volume-weighted average price: £9.161545
- High/low price paid: £9.2550 / £9.0560
- Shares repurchased so far under the program: 1,648,500
The program itself kicked off on March 5, and Grafton said these shares were purchased for cancellation through Deutsche Bank. In plain English: the company is still actively shrinking its float, and it’s not being shy about it.
Big picture: buybacks don’t magically fix a business, but they do tell you management thinks the stock is worth snapping up right now. And in markets, that kind of vote of confidence can matter.