Vertu Motors ( (GB:VTU) ) has issued an update.
Vertu Motors announced the repurchase of 105,912 ordinary shares as part of its ongoing share buyback program, which began in October 2018. This initiative has returned over £36.5 million to shareholders, reducing the company’s shares in issue by 17.3%. The repurchased shares will be cancelled, impacting the total number of shares with voting rights, which will now stand at 328,279,144. This move is part of Vertu Motors’ strategy to enhance shareholder value and optimize its capital structure.
More about Vertu Motors
Vertu Motors is the fourth largest automotive retailer in the UK, operating a network of 198 sales outlets across the country. Established in November 2006, the company aims to consolidate the UK motor retail sector through acquisitions and organic growth, focusing on operational efficiencies within its dealership network. Vertu Motors operates 195 franchised sales outlets and 3 non-franchised sales operations from 154 locations.
YTD Price Performance: -13.37%
Average Trading Volume: 485,106
Technical Sentiment Signal: Buy
Current Market Cap: £169.5M
See more insights into VTU stock on TipRanks’ Stock Analysis page.