Selby, North Yorkshire-based power company Drax Group said on Friday it is commencing a £50 million share buy-back programme.

J.P. Morgan Securities plc (JPMS plc) will to manage the programme.

“The purpose of the programme is to reduce the company’s share capital,” said Drax.

“The shares purchased by the company will be held in treasury pending cancellation or re-issue.

“The maximum number of shares that may be repurchased by the company under the programme is 40,670,254.

“The programme is expected to be completed no later than 21 January 2019.”