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BETFAIR EMBARKS ON SHARE BUY-BACK
29th June, 2011 at 12:40:17
£ 50 million to re-purchase ordinary shares over next twelve months.
announced it will embark on a share re-purchase programme over the next twelve month period following a slump in share prices since its IPO in October 2010.
The re-purchase programme will be conducted on the open market and the company intends buying back £ 50 million of its ordinary shares.
David Yu, chief executive officer, Betfair said: We have a plan in place to deliver long-term shareholder value through a combination of accelerating our revenue growth, driving further margin improvement and returning excess cash to shareholders.
The share buy-back programme is one element of this plan. We have always been a very cash generative business which allows us to both invest for the future and return cash to shareholders."
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