(Alliance News) - Litigation Capital Management Ltd on Thursday said it has begun its AUD10.0 million, about USD6.4 million, share buyback programme.
Litigation Capital Management is a asset manager specialising in dispute financing solutions. Its shares rose 5.5% to 103.94 pence each in London on Thursday morning.
It said the purpose of the buyback is to reduce the share capital of the company in order to return value to shareholders.
The buyback was announced in September, alongside its results for its financial year ended June 30.
It reported that revenue rose to AUD84.2 million, from AUD47.1 million a year earlier. Pretax profit more than doubled to AUD28.6 million from AUD12.9 million.
By Sophie Rose, Alliance News reporter
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Litigation Cap. (LIT)