CMC Markets announced on Tuesday that it will launch a share buyback programme of up to £30 million. The London-headquartered broker revealed that the program will start immediately.
CMC Markets stated:
The Buyback Programme will commence immediately and will be completed no later than 30 June 2023, subject to continuing regulatory approval.
The company has made this move in order to reduce its share capital.
CMC Markets further explained that the maximum aggregate number of shares that it will repurchase is 29,071,747 ordinary shares.
RBC Europe Limited has been appointed to manage the Buyback Programme on its behalf.
CMC Markets first announced the decision to launch the buyback program on 2 March. Board of the company decided to return excess capital to shareholders through the repurchase of ordinary shares.
The broker is considering the buyback program as part of its usual balanced approach to shareholder returns along with its current dividend policy. The company noted the dividend policy, as well as its full year guidance will remain unchanged.
