Pub operator Fuller, Smith & Turner (Fuller’s) has concluded a share buyback programme announced earlier this year and repurchased one million ‘A’ ordinary shares for a total £6.7m.

The group also confirmed that has now entered into an arrangement with Numis Securities to repurchase up to a further 2.5 million ‘A’ ordinary shares of 40 pence each in the company.

Fuller’s said this is “consistent with the company’s capital allocation framework” and reflects the board’s view that the current share price continues to represent a “significant discount” to the company’s underlying net asset value.

In a statement to the London Stock Exchange, Fuller’s stated: “The share purchases will be made on the company’s behalf and in accordance with the arrangement and, in the case of any purchases made during closed periods or at any time when the company has inside information, shall be made independently of and uninfluenced by the company.”

The share repurchase follows the recent announcement by Fuller’s that it had acquired Lovely Pubs in a £225m deal..

---