<p>
IG Group
Holdings plc (<a href=”https://www.financemagnates.com/tag/ig-group/” target=”_blank” rel=”follow”>LON:IGG</a>) 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. </p><p>IG Group Launches Third
Tranche of Share Buyback Program</p><p class=”MsoNormal”>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.</p><p class=”MsoNormal”>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.</p><p class=”MsoNormal”>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.</p><p class=”MsoNormal”>As
mentioned at the beginning of this article, IG Group launched the share buyback
program, initially worth £150 million, <a href=”https://www.financemagnates.com/forex/brokers/ig-group-kicks-off-150m-buyback-program-spending-765k/” target=”_blank” rel=”follow”>in July 2022</a>. The company decided to
extend its existing share buyback program with the allocation of an additional
£50 million <a href=”https://www.financemagnates.com/forex/ig-sees-10-revenue-jump-in-h1-fy23-extends-share-buyback-program/” target=”_blank” rel=”follow”>in January 2023</a>. </p><p>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.</p><p>CMC Markets and Plus500 with
Own Share Buybacks</p><p class=”MsoNormal”>The program
aims to reduce Plus500 share capital, a business strategy followed by its
competitors like CMC Markets and Plus500.</p><p class=”MsoNormal”>CMC Markets
(LON:CMCX), a major London-listed brokerage firm, began to repurchase its
shares under its buyback program <a href=”https://www.financemagnates.com/forex/brokers/cmc-markets-kicks-off-share-buyback-spends-30k-on-the-first-day/” target=”_blank” rel=”follow”>a year ago</a>. The company purchased 119,000
ordinary shares in March 2022, thus kicking off the program.</p><p class=”MsoNormal”>This year, Plus500
(LON:PLUS), another London-listed trading company, kicked off another share
repurchase program <a href=”https://www.financemagnates.com/forex/brokers/plus500-kicks-off-share-repurchase-under-new-70m-program/” target=”_blank” rel=”follow”>allocating $70 million</a>. 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.</p><p class=”MsoNormal”>In March,
XTB, a broker listed on the Warsaw <a href=”https://www.financemagnates.com/terms/s/stock-exchange/” class=”terms__main-term” id=”76d5dc1c-865d-49be-9e84-126258dff377″>Stock Exchange</a> (WSE:XTB), announced plans <a href=”https://www.financemagnates.com/forex/xtb-seeks-to-committ-50-of-profit-to-dividends-25-to-shares-buyback/” target=”_blank” rel=”follow”>to
conduct its own share buyback</a>. 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.</p><p class=”MsoNormal”>GMO
heralds new investment and Komainu enhances custody. <a href=”https://www.financemagnates.com/forex/news-nuggets-3-april-gmos-new-investment-komainu-enhances-custody/” target=”_blank”>Check today’s news nuggets</a>!</p>
This article was written by Damian Chmiel at www.financemagnates.com.
