IG Group has started the third part of its stock repurchase program after the initial £150 million program declared in July 2022 and the £50 million addition in January 2026.
IG Group has asked Morgan Stanley & Co. International Plc to buy up to £50 million of the company’s shares on the market. This is the third tranche of a larger program to reduce the company’s share capital. Which now has a total maximum value of £200 million.
The third tranche will start on April 3, 2023, and end on August 31, 2023. Morgan Stanley will make the trading decisions on their own, without IG Group’s influence.
The IG Group’s Board was given permission at its annual general meeting on 21 September 2022 to purchase up to 23,767,538 shares. This third tranche of stock will take place under the limitations set by this authority.
They recently announced that it will be adding an extra £50 million to its share buyback program in January 2023. However, the announcement did not have a big impact on the company’s stock price on the London Stock Exchange, as it is currently only up 0.5%. Since the start of the year, IG Group’s shares have decreased by more than 10%.
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