Trinity Mirror has agreed to make immediate one off payments totalling £108m into its defined benefit (DB) schemes to pave the way for a share buy back programme.
The group made the move in order to secure clearance from the Pensions Regulator for a return of capital to shareholders. It will immediately commence a share buy back programme to the value of £175m.
This is part of a planned capital reorganisation which follows the group’s business review and the disposal of certain assets.
The share buyback is more than £30m higher than the net proceeds from the sale of the group’s Sports division which included the Racing Post, and some of the group’s regional newspapers, after deduction of the pension contributions.