IPH shares rise on expanded share buyback program
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The news: IPH shares advanced on the ASX after the intellectual property services group nearly doubled the size of its on-market share buyback program.
The numbers: IPH shares were up 3.4% to $4.88 by 2:30pm AEDT, having lowered by nearly 25% since the turn of the year.
IPH increased the size of the share buyback program from $40 million to up to $75 million.
The context: IPH said it plans to commence buybacks under the program from today.
What they said: "The board of IPH believes the buyback will be an efficient use of capital and is consistent with the company's focus of ensuring an effective mix of continued investment in the business to support earnings growth while returning excess cash to shareholders," the company said in a statement.
The source: ASX announcement
