Mike Ashley’s Frasers buys back £ 60million shares Business

The Frasers Group plans to spend £ 60million by July to buy back shares, despite the warning less than a month ago of a £ 200million hit from the pandemic.

Shares of retail group FTSE 250 owned by industry mogul Mike Ashley climbed to the top of the FTSE 250, up 29.5 pence to 545 pence – its highest level since December 2015. Its price stock has gained more than 8% since its initial collapse in the UK. entered its first national lockdown.

Investors bought into the news as Frasers – who has House of Fraser, Game Digital, Sports Direct, Jack Wills, Evans Cycles under his belt – started the buying frenzy on Tuesday, with plans to buy as many as possible. 10 million shares.

Without giving further reason, the retail group said, “The aim of the program is to reduce the company’s registered capital.”