Signet’s $300m Share Repurchase Programme
Bermuda-domiciled Signet Jewelers Ltd. — the world’s largest speciality retail jeweller — this week announced that its board of directors has authorised a programme to repurchase up to $300 million common shares.
The repurchase programme will be funded through Signet’s existing cash balances. Repurchased shares may be used by the company for general corporate purposes. Repurchases may be made from time to time in the open market, through block trades or otherwise. Reflecting the company’s customary trading “quiet periods,” the programme will be effective from January 16, 2012, and will last 24 months from that date.
Mike Barnes, Signet’s Chief Executive Officer, commented: “The share repurchase programme reflects the continued confidence we have in the strength of the business, our ability to invest in growth initiatives and our commitment to build value for long-term shareholders.”
Signet operates 1,850 specialty retail jewellery shops, including 1,314 US outlets US where its store concepts include “Kay Jewelers,” “Jared The Galleria Of Jewelry,” and a number of regional names. The company also operates 536 stores in the UK, where its store concepts are “H.Samuel,” “Ernest Jones,” and “Leslie Davis
