Investing.com -- Glanbia plc (LON:GL9), the Better Nutrition company, said on Wednesday that it will commence a share buy-back programme of up to €50 million, which sent the company's shares higher.
At 4:35 am (0835 GMT), Glanbia plc was trading 3.8% higher at €17.58.
This is set to commence today and will run through to December 19th, unless extended or modified, the company said in a statement.
The programme aims to reduce the number of outstanding shares and is in line with the €50 million share buy-back authority approved earlier this year.
Glanbia has appointed J&E Davy to manage the buy-back, which will proceed independently of the company’s direct influence. Under the terms of the agreement, Davy will execute the buy-backs within predefined parameters, ensuring compliance with the Market Abuse Regulation and relevant rules.
The share buy-back follows a previous similar initiative completed between May 1st and June 26th, which repurchased a portion of the company's shares.