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.
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