Frasers launches $135 million directed buyback from founder Mike Ashley's investment vehicle

Nov 5 (Reuters) - Frasers Group said on Thursday it would buy back up to £100 million ($134.89 million) worth of its shares from MASH Holdings, an investment vehicle owned by the British retailer's founder Mike Ashley, through a directed trading programme.

Here are more details:

• The company said the directed trading programme will run alongside its existing on-market buyback programme

• The retailer will purchase up to 26.6 million shares from MASH Holdings under the arrangement

• Frasers said its board believes the company has long been undervalued relative to its £2.5 billion net asset value as of April 26

• The move comes as Frasers presses ahead with strategic initiatives to boost its scale and value, including international expansion and acquisitions

($1 = 0.7413 pounds)

(Reporting by Sri Hari N S in Bengaluru; Editing by Aseem Gujar)