Vistry Group has announced that it is commencing a share buyback scheme to repurchase up to £100m in ordinary shares.

The British housebuilding firm said that the scheme, which values ordinary shares at 50 pence each, has commenced as of today (18 April) and is expected to complete no later than 30 September 2024.

The scheme follows the announcement in its 2023 half-year results that it intends to pursue a two times adjusted earnings ordinary distribution cover for a full financial year.

The firm said that these distributions would be made through either share buybacks or dividends.

Vistry Group has said that it has entered into discretionary arrangements with Numis Securities, Peel Hunt LLP and HSBC in relation to the purchase by the brokers, acting as principals of the ordinary shares of the company.

The firm added that the aggregate purchase price of all ordinary shares acquired under the scheme will be no more than £100m, meaning that up to 250,000 shares will be purchased under the programme and the remaining shares will be cancelled.

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