Markets

Ryanair and Paddy Power plough ahead with share buybacks

Airline repurchased around €3.55m worth of shares on Thursday

Ryanair announced its €750 million share buyback scheme earlier this year. Photograph: Nick Bradshaw

Fri Jun 15 2018 - 09:54

Ryanair and Paddy Power Betfair have stepped up the pace of their respective share buyback schemes.

Ryanair bought back 221,500 ordinary shares on Thursday, which it plans to cancel. The airline announced its €750 million share buyback scheme in February, which is led by its brokers Citigroup and Davy. The scheme is due to end on November 9th.

The budget airline purchased its shares for an average price of €16.0276, totalling about €3.55 million.

Meanwhile, Paddy Power Betfair purchased a total of 58,061 ordinary shares on both the London and Irish stock exchanges on Thursday. In London, the average price paid was £85.8529, while in Ireland the average was €97.6183.

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The betting company, in total, paid about £3.43 million in the UK and €1.76 million in Ireland for the ordinary shares.

Paddy Power’s share buyback project, which commenced in May, is being led by its broker Goldman Sachs.

Following the cancellation of the ordinary shares repurchased, Ryanair said it will have 1.15 billion ordinary shares in issue. The number of Paddy Power shares in issue amounts to 81.4 million after the recent purchases.

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