Signet Approves $300M Share Repurchase Program

Signet’s board of directors authorized a share repurchase program for the repurchase of up to $300 million in common shares, the company reported.

“The share repurchase program reflects the continued confidence we have in the strength of the business, our ability to invest in growth initiatives and our commitment to build value for long-term shareholders,” said Signet’s chief executive, Mike Barnes.

The program, which will come into effect from January 2012 and last for 24 months, will be funded through the company’s existing cash balance and can be commenced or discontinued at any time without notice. The repurchased shares will be used for general corporate purposes, Signet said.

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