MP Evans said it has increased the budget of its share buyback programme by £2mln while also extending the date of the programme to 9 June 2023.
So far, the producer of Indonesian palm oil said it has purchased 712,526 shares at 844p per share, meaning it has returned £6mln to shareholders ahead of the original programme expiration of 31 March 2023.
All shares acquired have been cancelled, with the full budget to date used, according to a statement.
The group said it believes the current share price of 836p continues to undervalue its assets, performance, and prospects.
At the current price, alongside its “robust” balance sheet, the London-listed firm is taking “advantage of prevailing market conditions to repurchase shares at advantageous levels that will enhance earnings.”
Additionally, it said it sees the case for the programme as economically attractive since shares are trading below the share price implied by independent valuations.
MP Evans said the programme is part of a “disciplined approach” to capital allocation, which includes investment in estates, acquisitions, and payments of dividends.