Kingspan cancels buy-back

KINGSPAN has cancelled its current share buy-back programme which has cost the company €7.9 million and resulted in a loss of €2.17m as share values have fallen by 27.5%.

Since September 11 the company has bought 3.95 million shares at €2 each, but the shares have fallen to year lows of €1.45.

The company has now stopped buying bargain price shares on the instructions of the Irish Takeover Panel, because it has secured the maximum number of shares it can without triggering a full bid by the directors for the company.