IVE Group Limited (ASX:IGL) Announces $10 Million On-Market Share Buy-Back
Share Buy-Back Program
IVE Group Limited plans to implement an on-market share buy-back of up to $10 million. Based on the last traded share price of $2.20, the buy-back could result in the cancellation of approximately 4.545 million shares, representing around 2.9% of the company’s issued capital.
Capital Management Rationale
The Directors view the buy-back as a flexible and efficient capital management initiative that will benefit shareholders. This decision is supported by the company’s historically above-average dividend yield, strong operating cash flow, growing balance sheet strength with net debt below the Group’s internal benchmark, and prospects for continued profitable growth underpinned by organic growth initiatives.
Program Administration
United Capital Partners has been appointed to conduct the on-market buy-back. The company may vary, suspend, or terminate the program based on prevailing market conditions and capital management requirements.
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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