IG Group announces start of second tranche of share buyback programme
Electronic trading major IG Group Holdings plc (LON:IGG) today announced the launch of the second tranche of its share buyback programme.
Following the announcement of its Capital Allocation Framework and a share buyback programme of up to £150 million in July 2022, IG announces that it has entered into non-discretionary instructions with Goldman Sachs International for Goldman Sachs to conduct the second tranche of the share buyback programme of up to £75 million for IG (in accordance with certain pre-set parameters) and to make trading decisions in relation to the programme independently of IG.
IG notes that the sole purpose of the programme is to reduce share capital.
The Second Tranche will be for a maximum aggregate market value equivalent to £75 million and will commence on 25 October 2022 and will end on or before 31 May 2023. This represents the second and final tranche of the share buyback programme of up to £150 million which was announced on 21 July 2022.
The first tranche commenced on 21 July 2022, and completed on 12 October 2022.
The Second Tranche will take place within the limitations of the authority granted to the Board of IG at its annual general meeting, held on 21 September 2022, pursuant to which the maximum number of shares to be bought back is 43,015,803.