Trinity Mirror PLC
19 December 2007
Trinity Mirror plc
Trinity Mirror Announces £175 million Share Buyback Programme
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.
Further enquiries:
Trinity Mirror
Nick Fullagar, Director Corporate Communications 020 7510 3000
Maitland
Neil Bennett 020 7379 5151
This information is provided by RNS
The company news service from the London Stock Exchange
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