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.

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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.

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