Frasers Group plc has launched a directed trading programme to buy up to £100m of its ordinary shares from MASH Holdings Limited and MASH Beta Ltd, vehicles ultimately owned by controlling shareholder Mike Ashley. The announcement was made by RNS on 5 November 2026.
Purchases will be made through a non-discretionary arrangement with Panmure Liberum. Frasers said buys from MASH are intended on a pro rata basis so that for every one share bought on-market, three are bought under the directed programme. Purchases from MASH are capped at about 26.6 million shares. Aggregate buybacks remain within the overall 14.99 per cent of share capital authority from the 16 September 2026 AGM. Acquired shares will be held in treasury.
Why Frasers is buying
The board said it believes the company has long been undervalued. Group net asset value was £2.5bn as at 26 April 2026 under the group’s accounting policies, and the board does not believe that value is fully reflected in the share price. It intends to continue buying back shares until the value is reflected.
The RNS also noted Hugo Boss became a subsidiary during the half year to 25 October 2026, which the board expects will contribute to net asset value. The company said shareholder feedback led it to run the directed programme alongside the on-market buyback to create liquidity and return value.
The transactions do not fall within the Market Abuse Regulation buyback safe harbour, the RNS stated.
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