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LONDON (Alliance News) - XLMedia PLC on Tuesday launched a share buyback programme to repurchase up to USD10 million worth of shares.
The shares acquisitions will take place in open market transactions and may be made depending on market conditions, share price, trading volume and other factors, the company explained.
XLMedia will buy back up to 21.0 million shares in the programme, which will run until November 2020. The repurchased shares will then be held in the company's treasury.
The reason for the programme is to reduce the share capital of the company and return funds to shareholders, the company said.
XLMedia shares were trading down 2.5% at 49.75 pence each on Tuesday afternoon.