Virgin Media Announces £375 Million Share Buy-Back

Virgin Media has stated that it is aiming to reclaim £375 million shares over the coming year.

It is supposedly a move that has been initiated soon after the company added 9,100 customers to its clientele in the Q2 last year, at the same time Virgin media posted a loss of 27,800 customers in the same period.

It was Virgin Media CEO Neil Berkett who added that the reclamation of shares is a part of the £700 million capital return program in which the company will aim at covering its debt amounts.

He further added that £700 million was the price that was considered to be the initial target. However the program was aimed to go over a year.

The Telegraph added that CEO has disapproved of rivals BT and TalkTalk for advertising false broadband speeds soon after Ofcom stated that Virgin Media was proffering broadband speeds that nearly are close to what it advertises.

Berkett stated: "We couldn't have paid for better advertising. It is just wrong and unfair to consumers to advertise speeds you can't offer."