Paysafe Group Share News (PAYS)

(ShareCast News) - Digital payment systems provider Paysafe announced plans to begin an inaugural share buyback programme of up to £100m.The company - whose shares were battered last week following a report by anonymous short seller Spotlight Research highlighting material risks from regulatory enforcement action - said the current share price "significantly undervalues" the performance of the business to date and its future prospects.Paysafe pointed to its proven track record of significant cash conversion, which it said has been used to rapidly reduce the company's leverage since the announcement of the acquisition of Skrill and the associated debt fundraise in March 2015."The company's robust balance sheet and cash generation now provide the opportunity to take advantage of prevailing market conditions to repurchase shares at highly economic levels and as a result provide immediate earnings per share enhancement."We are undertaking the buyback programme alongside its continuing pursuit of bold, strategic M&A opportunities. Management sees headroom for buybacks to remain attractive at levels well in excess of the current share price."Paysafe will be able to purchase a maximum of 48,110,871 ordinary shares under the authority granted by shareholders at the company's most recent annual general meeting in May.The programme will be undertaken using a phased approach and will last 12 calendar months, subject to the buyback approval resolution being approved at the company's next AGM.