Domino’s Pizza ramps up share buyback plans
Domino’s Pizza yesterday said it would return £19m to shareholders by buying back 6m shares at 317p and issued another upbeat trading statement reporting it was on track to beat market expectations for the full year.
Since June 2004, the take-away fast food chain has returned approximately £31.7m of cash to shareholders through the purchase of a total of 23.4m shares, representing approximately 14.1 per cent of the existing issued share capital of the firm.
The firm said it aims to buyback between two to three per cent of the issued share capital every year.
Four directors will take part in the tender in respect of their own shareholdings including chief executive Chris Moore, as well as Stephen Hemsley; Colin Halpern; and Nigel Wray – although it is uncertain how much they will each pocket.
Brokers Numis and Altium are handling the tender offer.
At the end of last week’s trading, Domino’s was valued at £330m.