Melrose buys back shares, boosts stock price

Investing.com — Shares of Melrose Industries (LON:MRON) saw an uptick following the company’s share buyback on Tuesday. 

At 4:45 am (0945 GMT), Melrose Industries was trading 7.9% higher at £569.

As per a stock exchange filing, Melrose purchased a total of 38,000 ordinary shares on November 25, through J.P. Morgan Securities. 

The shares were acquired at prices ranging between 521.8p and 533p, with a weighted average price of 527.0193p.

The company clarified its intention to hold these repurchased shares in treasury, reducing the total number of shares in circulation. 

After the transaction, Melrose reported having 64,305,366 ordinary shares in treasury, while the total issued share count remained unaffected as treasury shares are excluded from the calculation of shares in public hands.