LONDON (Alliance News) - Taptica International Ltd on Wednesday said that its board approved the start of a share buyback programme for up to USD10.0 million.
Shares in the advertising technology firm were trading up 6.4% at 191.60 pence each.
"The company has actively continued to evaluate a number of strategic acquisitions and has held conversations with a number of potential targets. However, at this time, there are no conversations ongoing and therefore the board feels that the best use of available capital is to commence a buy back funded from the company's current net cash balance," Taptica explained.
The company said the repurchase of shares will occur "from time to time when the board considers appropriate", with a maximum price of no more than 105% the average middle market share closing price for the five business days before the date of purchase.
The programme will go on until February 28.