IG Group initiates the £50m third tranche of the share buyback program, extending to £200m.
The tranche runs from 3 April to 31 August, aiming to reduce share capital.
IG Group
Holdings plc (LON:IGG) has announced the initiation of the third tranche of
its share buyback program, following the £150 million program announced on July
2022 and the £50 million extension on January 2026.
IG Group Launches Third
Tranche of Share Buyback Program
The company
has entered into non-discretionary instructions with Morgan Stanley & Co.
International Plc to conduct the third tranche of up to £50 million, following
certain pre-set parameters. Morgan Stanley will make trading decisions in relation
to the program independently of IG Group.
The primary
goal of the share buyback program is to reduce the company's share capital. The
third tranche, with a maximum aggregate market value of £50 million, will
commence on 3 April 2023 and is set to conclude on or before 31 August 2023.
This tranche will expand the program's size to a total of up to £200 million.
The third
tranche will be conducted within the constraints of the authority granted to
the IG Group's Board at its annual general meeting on 21 September 2022. Under
this authority, the maximum number of shares available for purchase during the
third tranche is 23,767,538.
As
mentioned at the beginning of this article, IG Group launched the share buyback
program, initially worth £150 million, in July 2022. The company decided to
extend its existing share buyback program with the allocation of an additional
£50 million in January 2023.
The
news did not have a more pronounced effect on IG Group's stock price on the
London Stock Exchange. IGG is up 0.5% to £702 on Monday, while the investment
firm's shares have lost more than 10% since the beginning of the year.
CMC Markets and Plus500 with
Own Share Buybacks
The program
aims to reduce Plus500 share capital, a business strategy followed by its
competitors like CMC Markets and Plus500.
CMC Markets
(LON:CMCX), a major London-listed brokerage firm, began to repurchase its
shares under its buyback program a year ago. The company purchased 119,000
ordinary shares in March 2022, thus kicking off the program.
This year, Plus500
(LON:PLUS), another London-listed trading company, kicked off another share
repurchase program allocating $70 million. For several years, Plus500 has been
conducting share repurchase initiatives. In 2020, the company bought back $88.8
million of its ordinary shares from the open market. In the subsequent year, it
implemented a $25 million program and later supplemented it with an extra $12.5
million.
In March,
XTB, a broker listed on the Warsaw Stock Exchange (WSE:XTB), announced plans to
conduct its own share buyback. The company announced its decision to pay its shareholders 50% of its estimated net profit of PLN 761.6 million ($171.6 million) in 2022 as dividends and set aside 25% of the profit to buy back shares of the
company.
IG Group
Holdings plc (LON:IGG) has announced the initiation of the third tranche of
its share buyback program, following the £150 million program announced on July
2022 and the £50 million extension on January 2026.
IG Group Launches Third
Tranche of Share Buyback Program
The company
has entered into non-discretionary instructions with Morgan Stanley & Co.
International Plc to conduct the third tranche of up to £50 million, following
certain pre-set parameters. Morgan Stanley will make trading decisions in relation
to the program independently of IG Group.
The primary
goal of the share buyback program is to reduce the company's share capital. The
third tranche, with a maximum aggregate market value of £50 million, will
commence on 3 April 2023 and is set to conclude on or before 31 August 2023.
This tranche will expand the program's size to a total of up to £200 million.
The third
tranche will be conducted within the constraints of the authority granted to
the IG Group's Board at its annual general meeting on 21 September 2022. Under
this authority, the maximum number of shares available for purchase during the
third tranche is 23,767,538.
As
mentioned at the beginning of this article, IG Group launched the share buyback
program, initially worth £150 million, in July 2022. The company decided to
extend its existing share buyback program with the allocation of an additional
£50 million in January 2023.
The
news did not have a more pronounced effect on IG Group's stock price on the
London Stock Exchange. IGG is up 0.5% to £702 on Monday, while the investment
firm's shares have lost more than 10% since the beginning of the year.
CMC Markets and Plus500 with
Own Share Buybacks
The program
aims to reduce Plus500 share capital, a business strategy followed by its
competitors like CMC Markets and Plus500.
CMC Markets
(LON:CMCX), a major London-listed brokerage firm, began to repurchase its
shares under its buyback program a year ago. The company purchased 119,000
ordinary shares in March 2022, thus kicking off the program.
This year, Plus500
(LON:PLUS), another London-listed trading company, kicked off another share
repurchase program allocating $70 million. For several years, Plus500 has been
conducting share repurchase initiatives. In 2020, the company bought back $88.8
million of its ordinary shares from the open market. In the subsequent year, it
implemented a $25 million program and later supplemented it with an extra $12.5
million.
In March,
XTB, a broker listed on the Warsaw Stock Exchange (WSE:XTB), announced plans to
conduct its own share buyback. The company announced its decision to pay its shareholders 50% of its estimated net profit of PLN 761.6 million ($171.6 million) in 2022 as dividends and set aside 25% of the profit to buy back shares of the
company.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Finalto Unveils Guidelines for Retail Brokers: "Compliance Is a Culture of Responsibility"
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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20-22 MAY 2024
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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