views

Domino's Pizza ramps up share buyback plans

Domino&rsquo;s Pizza yesterday said it would return &pound;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. <br /><br />Since June 2004, the take-away fast food chain has returned approximately &pound;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.<br /><br />The firm said it aims to buyback between two to three per cent of the issued share capital every year.<br /><br />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 &ndash; although it is uncertain how much they will each pocket.<br /><br />Brokers Numis and Altium are handling the tender offer.<br /><br />At the end of last week&rsquo;s trading, Domino&rsquo;s was valued at &pound;330m.<br />