CMC Markets announces launch of share buyback program
CMC Markets Plc (LON:CMCX), a leading provider of online trading and institutional platform technology solutions, announces that it will launch its share buyback programme of up to £30 million with immediate effect. The Buyback Programme will commence immediately and will be completed no later than 30 June 2023, subject to continuing regulatory approval.
The maximum aggregate number of shares that will be repurchased is 29,071,747 ordinary shares. The purpose of the Buyback Programme is to reduce share capital.
The company has appointed RBC Europe Limited to manage the Buyback Programme on its behalf. Any purchases made during closed periods, shall be made independently of and uninfluenced by the company.
Earlier this month, CMC Markets said that, in light of its robust capital position and having considered the ongoing investment in the business, the Board has decided to return excess capital to shareholders via the repurchase of ordinary shares up to an aggregate purchase price of £30 million, subject to continuing regulatory approval.
The Buyback Programme, CMC said, should be considered as part of a normal balanced approach to shareholder returns alongside the current dividend policy, which is unchanged. Previously stated full year guidance is also unchanged.