Vertu Motors appoints broker for next phase of buyback programme

Vertu Motors announced the appointment of Stifel Nicolaus Europe to manage the next phase of its £12m share buyback programme during the upcoming closed period on Friday, from 14 April to 13 May.

The AIM-traded firm said the broker would operate under an irrevocable, non-discretionary agreement and would execute purchases independently of the company, within pre-set parameters.

It said that to date, £1.9m of the current buyback programme had been deployed.

Since launching share repurchases in October 2018, Vertu said it had returned over £36.8m to shareholders, reducing its issued share capital by 17.5%.

The company also confirmed it would report its preliminary results for the year ended 28 February on 14 May.

At 1153 BST, shares in Vertu Motors were down 2.27% at 51.8p.

Reporting by Josh White for Sharecast.com.