(Alliance News) - Bridgepoint Group PLC on Tuesday said it launched a share buyback of up to GBP50 million, adding that its growth and diversification strategy remained unchanged.

The London-based quoted private assets growth investor focused on the middle-market said it will run from Tuesday, and anticipates it to be completed by September 30.

Bridgepoint said the buyback is part of its "growth agenda" noting that it "reflects the board's confidence in Bridgepoint's fundamental value and long-term prospects".

The company says the programme represents less than 20% of its current net cash.

Bridgepoint shares rose 6.9% to 243.80 pence each in London on Tuesday morning, one of the best FTSE 250 performers.

By Tom Budszus, Alliance News reporter

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