EI Group's (EIG) shares may not be trading far off their five-year high, but that hasn’t stopped the pub company from announcing a new £20m share buyback, having completed a similar £20m repurchase in March. Management believes this is the best use of surplus cash after repaying £101m-worth of corporate bonds, particularly as a similar logic prompted the last round of buybacks. Chief executive Simon Townsend also believes now is a good time to repurchase stock given the significant discount in the share price relative to net asset value.
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