Fuller, Smith & Turner launches new share buyback

(Sharecast News) - Pub landlord Fuller, Smith & Turner launched a new share buyback on Thursday as it said it had experienced continued strong trading going into the end of the financial year. Fuller, Smith & Turner believe that its current share "significantly undervalues the business" and does not reflect the "intrinsic net asset value" of its "high quality, primarily freehold estate".

As a result, Fuller's said it was now initiating a new share buyback programme with the intention of acquiring up to 1.0m of its 'A' shares.

Fuller's also announced that it had agreed to a new £185.0m bank facility at an interest margin 75 basis points lower than existing terms, providing it with "significant headroom" to pursue further growth, and said it had exchanged contracts to acquire iconic Twickenham boozer The White Swan.

Chief executive Simon Emeny said: " With just two weeks to go, we have had a very strong year.

"We are confident of meeting market expectations for the full year and are taking appropriate actions to manage the impact of forthcoming market challenges. We remain confident and optimistic about the future for our business and will continue to allocate capital to drive long-term growth and returns for shareholders."

As of 1145 GMT, Fuller's shares were up 4.21% at 544.0p.

Reporting by Iain Gilbert at Sharecast.com