FirstGroup PLC (LSE:FGP) shares recovered sharply on Monday after falling almost 7% in early trading, as the transport operator confirmed completion of the £48 million sale of Mistral Data Limited to Tracsis (AIM:TRCS) PLC (AIM).
The company opened at 175p, around 2.5% below Friday’s 179.4p close, before dropping to an intraday low of 166.9p, representing a fall of almost 7%.
The shares then rebounded strongly, reaching a session high of 181.2p, around 1% above the previous close - before easing back to 178.9p at 8:30, down 0.28% on the day.
Initially announced on 29 July, FirstGroup completed the sale of Mistral Data on 23 August.
The £48 million consideration was paid to the group on completion, subject to customary adjustments.
Separately, FirstGroup continued its share buyback programme last week, purchasing around 1.65 million ordinary shares between 17 August and 21 August.
The shares were bought at weighted average prices ranging from 179.79p to 182.58p.
Following those purchases, FirstGroup held 26.15 million ordinary shares in treasury, leaving 544.55 million shares in issue excluding treasury stock.
