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LONDON - FirstGroup plc, a prominent public transport provider, has announced the launch of a £50 million share buyback program. The program is set to begin tomorrow and will run until no later than June 10, 2026, depending on market conditions.
The buyback initiative, which follows a previous buyback program that concluded on March 20, 2025, is designed to purchase up to 61,760,540 shares. This figure represents 14.99% of the company’s issued share capital as of November 14, 2024, minus the shares already acquired in the prior buyback.
Two financial institutions, Panmure Liberum Limited and RBC Europe Limited, will facilitate the program in two separate tranches of up to £25 million each. The shares bought back under this scheme will initially be held in treasury and may be cancelled later, with treasury shares not entitled to dividends or voting rights.
The company has outlined that the purchases will be conducted within specific parameters to comply with the Market Abuse Regulation and the Listing Rules. Any transactions made under this program will be disclosed by 7:30 a.m. the following business day.
FirstGroup, which operates First Bus and First Rail among other services, has recently reported revenues of £5.1 billion and has transported almost 2 million passengers daily in the fiscal year 2025. The company is committed to environmental goals, including a zero-emission First Bus fleet by 2035 and supporting the removal of diesel-only trains by 2040.
This announcement, which contains forward-looking statements, cautions shareholders about relying on such statements due to the inherent risks and uncertainties that could cause actual results to differ materially.
The share buyback program is part of FirstGroup’s strategy to reduce its issued share capital and is based on a press release statement by the company.
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