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Abstract：IG says it has given Goldman Sachs International non-discretionary instructions to carry out the second tranche of the share buyback program of up to £75 million for IG (based on certain pre-set parameters) and to make trading decisions about the program without consulting IG.
The biggest online trading company in the world, IG Group Holdings plc, said today that the second phase of its share buyback program has begun.
After announcing its Capital Allocation Framework and a share buyback program of up to £150 million in July 2022, IG says it has given Goldman Sachs International non-discretionary instructions for Goldman Sachs to carry out the second tranche of the share buyback program of up to £75 million for IG (based on certain pre-set parameters) and to make trading decisions about the program without consulting IG.
The program's sole purpose, according to IG, is to reduce share capital.
The Second Tranche will begin on May 25, 2022, and will end on or before May 31, 2023, with a maximum aggregate market value of £75 million. This is the second and final tranche of the up to £150 million share buyback program announced on July 21, 2022.
The first tranche began on July 21st, 2022, and ended on October 12th, 2022.
The Second Tranche will happen within the limits of the power given to the IG Board of Directors at its annual general meeting on September 21, 2022, which says that 43,015,803 shares are the most that can be bought.
About IG Group
The company was founded in 1974 as IG Index, but it has since changed its name and is now owned and operated by IG Markets Ltd. Most people know the UK-based online brokerage for its CFD trading and financial spread betting services, but in 2014, it also started offering stockbroking.
IG was listed on the London Stock Exchange as IG Group plc in 2000. It is now a component of the FTSE 250 Index. According to a recent IG Group annual report, the company's net worth is estimated to be around £2.9 billion.
Nadex and IG US, for clients in the United States, are also branded under the IG Group Holdings umbrella. The IG Group also offers solutions for businesses and institutions, as well as “white-label” services.
You can find more information about IG brokers at https://www.wikifx.com/en/dealer/0001473583.html.
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