Vertu plans buy-back of shares

Top 10 AM100 group Vertu Motors is asking its shareholders to approve its plan to buy back 10% of its own shares.

Its directors believe the current share price, around 29.5p, undervalues the company. They want to enhance its earnings per share through the buy-back, which will reduce the number of remaining shares in circulation.

Its statement added that the proposal does not change Vertu Motors' strategies of pursuing further acquisitions of franchised dealerships and used car operations. Shareholders will vote on the proposal on May 9 at a general meeting in Newcastle.