Vectura Group board approves capital return of approx. GBP50M
The company said, "In light of the Group's reducing R&D risk profile, future cash generation expectations and strong cash balance, the Board has approved, in principle, a capital return of approximately GBP50M, commencing in 2019. The proposed return of capital is currently expected to be structured as a tender offer, although the Board continues to review other options. Further details regarding the specific mechanism for, and the timing of, the return of capital will be provided at the time of the Group's interim results in September. The Board recognises that considerable financial upsides remain in the outlook for the Group, and, in the absence of future inorganic growth opportunities, it intends to make additional future 'special' returns of excess capital arising from operations or from material one-off events, by the most appropriate mechanism."