IG Group initiates the £50m third tranche of the share buyback program, extending to £200m.
The tranche runs from 3 April to 31 August, aiming to reduce share capital.
IG Group
Holdings plc (LON:IGG) has announced the initiation of the third tranche of
its share buyback program, following the £150 million program announced on July
2022 and the £50 million extension on January 2026.
IG Group Launches Third
Tranche of Share Buyback Program
The company
has entered into non-discretionary instructions with Morgan Stanley & Co.
International Plc to conduct the third tranche of up to £50 million, following
certain pre-set parameters. Morgan Stanley will make trading decisions in relation
to the program independently of IG Group.
The primary
goal of the share buyback program is to reduce the company's share capital. The
third tranche, with a maximum aggregate market value of £50 million, will
commence on 3 April 2023 and is set to conclude on or before 31 August 2023.
This tranche will expand the program's size to a total of up to £200 million.
The third
tranche will be conducted within the constraints of the authority granted to
the IG Group's Board at its annual general meeting on 21 September 2022. Under
this authority, the maximum number of shares available for purchase during the
third tranche is 23,767,538.
As
mentioned at the beginning of this article, IG Group launched the share buyback
program, initially worth £150 million, in July 2022. The company decided to
extend its existing share buyback program with the allocation of an additional
£50 million in January 2023.
The
news did not have a more pronounced effect on IG Group's stock price on the
London Stock Exchange. IGG is up 0.5% to £702 on Monday, while the investment
firm's shares have lost more than 10% since the beginning of the year.
CMC Markets and Plus500 with
Own Share Buybacks
The program
aims to reduce Plus500 share capital, a business strategy followed by its
competitors like CMC Markets and Plus500.
CMC Markets
(LON:CMCX), a major London-listed brokerage firm, began to repurchase its
shares under its buyback program a year ago. The company purchased 119,000
ordinary shares in March 2022, thus kicking off the program.
This year, Plus500
(LON:PLUS), another London-listed trading company, kicked off another share
repurchase program allocating $70 million. For several years, Plus500 has been
conducting share repurchase initiatives. In 2020, the company bought back $88.8
million of its ordinary shares from the open market. In the subsequent year, it
implemented a $25 million program and later supplemented it with an extra $12.5
million.
In March,
XTB, a broker listed on the Warsaw Stock Exchange (WSE:XTB), announced plans to
conduct its own share buyback. The company announced its decision to pay its shareholders 50% of its estimated net profit of PLN 761.6 million ($171.6 million) in 2022 as dividends and set aside 25% of the profit to buy back shares of the
company.
IG Group
Holdings plc (LON:IGG) has announced the initiation of the third tranche of
its share buyback program, following the £150 million program announced on July
2022 and the £50 million extension on January 2026.
IG Group Launches Third
Tranche of Share Buyback Program
The company
has entered into non-discretionary instructions with Morgan Stanley & Co.
International Plc to conduct the third tranche of up to £50 million, following
certain pre-set parameters. Morgan Stanley will make trading decisions in relation
to the program independently of IG Group.
The primary
goal of the share buyback program is to reduce the company's share capital. The
third tranche, with a maximum aggregate market value of £50 million, will
commence on 3 April 2023 and is set to conclude on or before 31 August 2023.
This tranche will expand the program's size to a total of up to £200 million.
The third
tranche will be conducted within the constraints of the authority granted to
the IG Group's Board at its annual general meeting on 21 September 2022. Under
this authority, the maximum number of shares available for purchase during the
third tranche is 23,767,538.
As
mentioned at the beginning of this article, IG Group launched the share buyback
program, initially worth £150 million, in July 2022. The company decided to
extend its existing share buyback program with the allocation of an additional
£50 million in January 2023.
The
news did not have a more pronounced effect on IG Group's stock price on the
London Stock Exchange. IGG is up 0.5% to £702 on Monday, while the investment
firm's shares have lost more than 10% since the beginning of the year.
CMC Markets and Plus500 with
Own Share Buybacks
The program
aims to reduce Plus500 share capital, a business strategy followed by its
competitors like CMC Markets and Plus500.
CMC Markets
(LON:CMCX), a major London-listed brokerage firm, began to repurchase its
shares under its buyback program a year ago. The company purchased 119,000
ordinary shares in March 2022, thus kicking off the program.
This year, Plus500
(LON:PLUS), another London-listed trading company, kicked off another share
repurchase program allocating $70 million. For several years, Plus500 has been
conducting share repurchase initiatives. In 2020, the company bought back $88.8
million of its ordinary shares from the open market. In the subsequent year, it
implemented a $25 million program and later supplemented it with an extra $12.5
million.
In March,
XTB, a broker listed on the Warsaw Stock Exchange (WSE:XTB), announced plans to
conduct its own share buyback. The company announced its decision to pay its shareholders 50% of its estimated net profit of PLN 761.6 million ($171.6 million) in 2022 as dividends and set aside 25% of the profit to buy back shares of the
company.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Financial Commission Drops DeltaFX from Membership over “Rule Violations”
FMLS:24 | Shaping the Next Era of Financial Evolution
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FMLS:24 | Shaping the Next Era of Financial Evolution
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
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