Compass Group In Deal With JPM To Enable Purchase Of Up To $250 Mln Shares

(RTTNews) - British food services company Compass Group Plc (CPG.L, CMPGF.PK) announced that it has entered into a non-discretionary agreement on Thursday with J.P. Morgan Securities plc to enable the purchase of up to a market equivalent of $250 million. The value was 196.7 million pounds as of June 18.

The purchase of the company's ordinary shares of 11 1/20 pence each will be between June 21 and December 17 at the latest.

The latest buyback is the second and final stage of the company's $500 million share buyback announced in November last year along with its full-year results.

With the planned buyback, the company expects to reduce its share capital by returning surplus capital to shareholders.

JPM will make its trading decisions in relation to the company's ordinary shares independently of, and uninfluenced by, the Company.