Powerflute, the packaging company founded and chaired by Irish industrialist Dermot Smurfit, has started buying back shares from investors, arguing that the company's share price undervalues the business.
The company, which is floated on the Alternative Investment Market in London, has already snapped up five million shares, after commencing an official share repurchase scheme.
Powerflute said the current market valuation did "not reflect the intrinsic worth of the group's businesses".
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