Computacenter buys back shares

Corporate reseller Computacenter has cancelled a batch of its shares

Computacenter has bought a total of 230,000 of its own shares to take them out of circulation.

The firm, which is due to announce its preliminary results in March, bought the shares for an average share price of 185.43p.

One industry watcher said this was common practice when the market value of a company is lower than the management think its worth.

“This kind of thing happens quite a lot – shares are bought back in blocks and then sold on when the share price increases,” the industry watcher said.

According to the statement released by Computacenter to the stock market, the total number of ordinary shares in issue will be 157,930,020.

“The company does not hold any shares in Treasury,” the statement added.