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
Financial services lawyers believe the government may have good intentions, but the proposed legislation leaves superannuation trustees targeting an unachievable “standard of perfection” when it comes to advice deductions.
Advisers could find themselves unable to receive the fair market price of their advice as the Delivering Better Financial Outcomes legislation states superannuation trustees can reject deductions that are not charged on a cost basis.
Two advice professionals have shared five key takeaways as to how advisers can strengthen their communication with clients, especially at review time, in order to build deeper relationships.
The Financial Services Council has launched the Digital Advice Expert Group to support policy development around digital advice adoption and ensure greater accessibility for Australians.