Magellan to resume share buyback
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The news: Magellan Financial Group has announced that it is intending to resume its share buyback program as a result of its fallen share price.
The numbers: Magellan’s shares were up 0.87% to $8.14 by 12:54pm AEDT but has plummeted 26.2% since the start of the year. Over the past five years it has plunged 82.69%.
Since 7 October 2024, there are a maximum of $3.07 million Magellan shares remaining under the current share buyback program.
The context: Magellan said that “in light of MFG’s current market price, it considers that the purchase of MFG shares represents an appropriate deployment of its capital”.
It said that it had a strong capital position and a focus on creating long-term shareholder value.
Last month, Magellan’s shares sharply fell over 10% after it reported lower first-half profit and cut its interim dividend.
The source: ASX
