JOHN Menzies has announced it will buy back shares for a maximum consideration of £3.5 million.

The Edinburgh-based company said it will purchase up to 500,000 of its ordinary shares between now and May 17 under the re-purchase programme. Menzies said it will put the shares into treasury to meet future obligations to employees arising from share plan awards.

The buy-back comes after Menzies revealed on Tuesday that it has put its magazine distribution division up for sale.

The company said it would sever its historic links with the newspaper trade in order to focus on the aviation support business.