Trinity Mirror regains 175m in shares following review
Friday, December 21, 2007
Trinity Mirror plc has announced a share buy-back to the tune of 175m, which will effectively give investors a larger share of the group in return for their investment.
In order to secure clearance from the Pensions Regulator, Trinity Mirror will pay £108m into the group's benefit pension schemes, a move that shows it is "committed to funding the remaining deficits in its defined benefit pension schemes over time", it said.
The £175m share buy-back is more than £30m higher than the net proceeds from the disposal of its Sports division and seven sub-regions in the south following the deduction of the pensions contribution.
Trinity Mirror said the return of capital "would provide continuing financial flexibility for investment to create shareholder value".
Shares in the group were valued at 337.75p, down 0.59% from an opening 339.50p.