DJ M.P. Evans Group to Increase Buyback by $2.5 Million
M.P. Evans Group PLC (MPE.LN) said Thursday that it will expand a previously announced share buyback by 2 million pounds ($2.5 million).
The company said that the buyback program, which was due to expire on Jan. 1, will now run up to June 30. The producer of palm-oil announced the original GBP1 million share buyback in October.
M.P. Evans said that it believes that its current share price doesn't reflect its value, and that its robust balance sheet provides it with the opportunity to take advantage of current market conditions.
It said the group was undertaking the program “alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of dividends.”
The company said that the buyback program, which was due to expire on Jan. 1, will now run up to June 30. The producer of palm-oil announced the original GBP1 million share buyback in October.
M.P. Evans said that it believes that its current share price doesn't reflect its value, and that its robust balance sheet provides it with the opportunity to take advantage of current market conditions.
It said the group was undertaking the program “alongside significant continuing capital investment across its estates, the ongoing pursuit of strategic acquisition opportunities and payment of dividends.”