Trinity Mirror plc ("the Group") announces today that it is immediately commencing a share buy back programme to the value of £175 million following clearance from the Pensions Regulator for a return of capital to shareholders. This is part of the planned capital reorganisation which follows the Group's review of the business and the disposal of certain businesses.
To secure clearance from the Pensions Regulator Trinity Mirror has agreed to make immediate one off payments totalling £108m into the Group's defined benefit pension schemes. The Group remains committed to funding the remaining deficits in its defined benefit pension schemes over time.
The Share buy back of £175 million is more than £30 million higher than the net proceeds from the disposal of Sports division and seven sub regions in the South (after deduction of the Pensions contribution) and reflects the Board's confidence in the Group's ongoing cash flows. The Group's strong balance sheet after this return of capital will provide continuing financial flexibility for investment to create shareholder value going forward.
The share buy-back programme will continue through the close period, utilising the existing authority granted by shareholders at the 2007 AGM to repurchase 10% of our issued share capital. At such time as additional authority becomes necessary the Directors will seek that authority in a General Meeting.
Enquiries:
Trinity Mirror 020 7293 3000
Nick Fullagar, Director of Corporate Communications
Nick Fullagar, Director of Corporate Communications
Maitland 020 7379 5151
Neil Bennett
Neil Bennett
