Challenger initiates buy-back
After finalising the sale of its financial planning business last month, Challenger Financial Group has announced an on-market buy-back.
The company announced to the Australian Securities Exchange today that it would be looking to buy-back up to 10 per cent of issued capital from July 21.
It said that the total number of shares purchased by Challenger would depend on market conditions and would be evaluated against alternative investment opportunities throughout the buy-back period.
Challenger said that it had previously provided guidance on its second half dividend of 7.5 cents a share, and was reaffirming its confidence in its underlying profit.
It said it had appointed Deutsche Bank to work with the company during its capital management program.
AUTHOR
Mike Taylor
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
