Investors in Foxtons could be forgiven for doing a double take when they glance down the agenda for its annual meeting tomorrow. Item 18 has the estate agent seeking approval to buy back up to 10 per cent of its shares, worth roughly £14 million.
Hang on a minute. This is the company that four weeks ago was tapping shareholders for £22 million in newly issued shares. The money was needed so urgently that it dodged the normal process of offering first refusal to existing shareholders. Now it is asking those same people for approval to hand half the loot back.
Foxtons is not alone. Just Eat Takeaway, the FTSE 100 food delivery group, raised £615 million in a share placing and offer of convertible
