InvestorWeb plans buy-back program
Online financial services group InvestorWeb will purchase up to 10 per cent of its own company shares as part of a buy-back program approved by its board yesterday.
The buy-back program is scheduled to start on September 24 and may utilise up to $6 million of the groups estimated $19 million in cash an liquids reserves.
InvestorWeb chief executive officer, Otto Buttula says given the large level of cash and liquids reserves available to the company the buy-back of issued shares will boost existing shareholder value.
Buttula says InvestorWeb has appointed JB Were to act as broker under the buy-back arrangement. The number of shares predicted in the buy-back include up to 28.6 million shares.
As for going forward, Buttula says acquisition opportunities in software and research services are also on the cards, but the key focus at present is making sure shareholder value is maintained.
In the past few months InvestorWeb has signed deals with three financial planning groups to deliver its VisiPlan software. The groups were Garrisons financial planning group, ING’s Partnership Planning and AMP Hillross .
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