IG initiates £100 million share buyback under new program
Leading online broker IG Group (LON:IGG) has announced that following the initiation of a new share buyback programme of £250 million on 20 July 2023, IG Group Holdings plc is pleased to announce that it has entered into non-discretionary instructions with Morgan Stanley & Co. International Plc to conduct the first tranche of the Programme of up to £100 million (in accordance with certain pre-set parameters) and to make trading decisions in relation to the Programme independently of IG Group.
The sole purpose of the Programme is to reduce share capital.
The First Tranche will be for a maximum aggregate market value of £100 million, will commence on 2 August 2023 and will end on or before 12 December 2023.
The First Tranche will take place within the limitations of the authority granted to the Board of IG Group at its annual general meeting, held on 21 September 2022. Pursuant to that authority, the maximum number of shares which remain available for purchase under the First Tranche is 26,164,535.