Broker IG Group has announced the repurchase of listed ordinary shares under an expanded £250 million buyback program.
The broker has signed non-discretionary instructions with Morgan Stanley to conduct the first tranche of up to £100 million (subject to pre-determined parameters) and to make trading decisions in respect of the program without IG Group involvement.
According to the FNG portal, the primary purpose of the buyback of listed ordinary shares is to reduce the company's share capital.
The first tranche has a total market value of £100 million and will take place between August 2 and December 12, 2023.
The first tranche will be completed under the authority granted to the Board of Directors of IG Group at a meeting held on September 21, 2022.
The maximum number of shares available for purchase under the first tranche is 26,164,535.
Also read: Robinhood Markets reported financial results for the second quarter of 2023.
