National Grid begins share buyback programme

National Grid has begun a new programme to repurchase shares in the capital of the company between Feb. 6 and no later than Feb. 17.

The sole purpose of the buy-back programme was to reduce the share capital of the company as part of its management of the dilution resulting from the take-up of its scrip dividend offer for the interim dividend paid in January 2017.

The maximum pecuniary amount allocated to the share buy-back programme was £34.98m and the maximum number of shares that would be purchased was 3.5m. The purchased shares would be held as treasury shares.