DKN to buy back shares
Phil Butterworth
DKN Financial Group will commence an on market share buy-back of up to 7.3 million shares, it announced today.
The buy-back of about 5 per cent of shares currently issued will take place over a six-month period.
DKN chief executive officer Phil Butterworth said the share price was currently good value and the buy-back was expected to be earnings per share positive.
“The board is determined to maintain its policy of low gearing and, consequently, DKN is only seeking to buy back a maximum of 5 per cent of its existing share capital,” he said.
“This is well within the current cash holdings of the company without extending the current debt levels of $16 million,” he added.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
