Electronic trading major IG Group Holdings plc (LON:IGG) today announced a share buyback programme of up to £150 million.

IG announces that it has entered into non-discretionary instructions with J.P. Morgan Securities plc (JPMS plc) to conduct the first tranche of the share buyback programme of up to £75 million on its behalf and to make trading decisions independently of IG.

The Programme will be for a maximum aggregate market value equivalent to £150 million which will be bought back in the form of IG ordinary shares and is expected to be substantially completed during the FY23 period. The sole purpose of the Programme is to reduce share capital.

The First Tranche will be for a maximum aggregate market value equivalent to £75 million and will commence on 21 July 2022 and will end on or before 21 January 2023. The Board currently intends to launch a further tranche of up to £75 million later during the FY23 period.

The Programme will take place within the limitations of the authority granted to the Board of IG at its annual general meeting, held on 22 September 2021, pursuant to which the maximum number of shares to be bought back is 43,157,445. JPMS plc may undertake transactions in ordinary shares of IG (which may include sales and hedging activities, in addition to purchases which may take place on any available trading venue or on an over the counter basis) during the Engagement Period in order to manage its market exposure under the First Tranche.