Big 株 buyback at A&L

By ALISON POTTER
Updated: 00:00 BST, 26 February 1999

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同盟 & Leicester 株主s should be smiling today as the former building society 発表するd it was to spend £700 million buying 支援する 15 per cent of its 株. 専門家s believe the result will be to 押し進める up the company's 株 price, bringing joy to the one million small 投資家s who held on to their 解放する／自由な 転換 株.

The buyback will happen いつか after April this year, depending on market 条件s.

Small 投資家s have see n rising （株主への）配当s and 増大するing 株 prices since the building society floated on the 在庫／株 交流 in April 1997.

At 転換 the 250 株 each 投資家 was given were 価値（がある） 533.7p per 株, about £1,334 in total. Those who resisted the 誘惑 to sell straightaway have seen them rise to 846.5p or about £2,116 - and that's without the （株主への）配当s people have received.

The buyback was 発表するd as A&L 明らかにする／漏らすd a 15 per cent rise in pre 税金 利益（をあげる）s to £455 million, while （株主への）配当s were 増加するd to 24.5p.

However 同盟 & Leicester's has decided not to follow other 変えるd building societies and return 資本／首都 直接／まっすぐに to 株主s.

Halifax recently 発表するd a windfall payout and 株 再編成, netting the 普通の／平均（する） small 投資家 an extra £217 on 最高の，を越す of the （株主への）配当. One-million 加える 株主s of Woolwich are to get a 15p-a-株 special （株主への）配当 on 最高の，を越す of the 1998 total 支払い（額） of 10.6p, up 11.6%.

The moves come as 競争の激しい 圧力s within the British banking 部門 are 増加するing, with new companies entering the lucrative mortgage markets and the 株式市場 引用するd 貸す人s feeling the pinch from 競争 from 伝統的な building societies, who, with no 株主s to look after, can lend more cheaply.

Jeremy Batstone at NatWest Stockbrokers says: 'This 株 buyback should 利益 everyone. 同盟 & Leicester is cash-rich at the moment and in a time of low 利益／興味 率s needs to do something more efficient with its money. The （株主への）配当s should remain strong.'