Business
Commencement of Share Buyback Programme
Commencement of Share Buyback Programme.
About this update from Ig Group Holdings Plc
[{"type":"text","content":"\n \n \n \n \n \n \n 21 July 2022\n \n \n \n LEI No: 2138003A5Q1M7ANOUD76\n \n \n \n \n \nIG GROUP HOLDINGS PLC\n \n \n \n \n Commencement of Share Buyback Programme\n \n \n \n Following the announcement of its Capital Allocation Framework and a share buyback programme of up to £150 million (the \"Programme\") on 21 July 2022, IG Group Holdings plc (\"IG\") is pleased to announce 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 (the \"First Tranche\") of up to £75 million on its behalf and to make trading decisions independently of IG.\n \n \n 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.\n \n \n 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 \"Engagement Period\"). The Board currently intends to launch a further tranche of up to £75 million later during the FY23 period and further details would be announced before that further tranche begins.\n \n \n 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. Disclosure of such transactions will not be made by JPMS plc as a result of or as part of the First Tranche, but JPMS plc will continue to make any disclosures it is otherwise legally required to make.\n \n \n \n \n \n \n Contact information\n \n \n \n \n \n \n \n \n IG Group Investor Relations\n \n \n \n \n \n \n \n \n \n \n \n IG Group Press\n \n \n \n \n \n \n FTI Consulting\n \n \n \n \n \n \n \n Richard Heading / Simon Wright\n \n \n 020 7573 0742 / 0099\n \n \n \n \n...