The second largest supermarket in Australia, Coles Myer, is reported to be considering a A$400m share buyback scheme, a measure launched in a bid to revive its flagging share value. Since poor results were posted in the group’s Myer Grace Bros and Target divisions led many investors to berate the chain for its underperformance, the pressure has been on Coles Myer to revive its confidence.
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Together with the relaunch of the company’s discount customer loyalty scheme for shareholders, Coles Myer is hoping that the plan will both inspire investors and utilise the excess franking credits held by the group, which amount to A$525m.
