IAG buyback wins ‘strong response’
Insurer IAG has finalised the share buyback it announced on August 19.
Insurer IAG has finalised the share buyback it announced on August 19.
The company (IAG) said the program would see $314 million worth of stock eradicated from its register, slightly above the $300m figure flagged when the buyback was announced in August.
This amounts to approximately 64 million shares and around 2.6 per cent of IAG’s issued stock.
“We are pleased with the strong response to the buyback from our shareholders,” IAG chief financial officer Nick Hawkins said.
“Completion of this capital management initiative is in line with IAG’s objective of maximising total shareholder returns by returning surplus capital through an effective means, while maintaining a strong balance sheet and regulatory capital position.”
The buyback will be conducted at a price of $4.91, which represents an 11.2 per cent discount to its last traded price.
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