DKN to buy back shares
Phil Butterworth
DKN Financial Group will commence an on market share buy-back of up to 7.3 million shares, it announced today.
The buy-back of about 5 per cent of shares currently issued will take place over a six-month period.
DKN chief executive officer Phil Butterworth said the share price was currently good value and the buy-back was expected to be earnings per share positive.
“The board is determined to maintain its policy of low gearing and, consequently, DKN is only seeking to buy back a maximum of 5 per cent of its existing share capital,” he said.
“This is well within the current cash holdings of the company without extending the current debt levels of $16 million,” he added.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
